In March, Norway's sovereign wealth fund noted it would dispose of its investments in 134 companies that explore for oil and gas, worth almost $8 billion. But it is retaining stakes in oil firms such as Shell and BP that have renewable energy divisions.The Norwegian fund is also selling off its stakes in more coal companies, having set a new limit for them of 20 million tons of reserves. The fund divested $6.5 billion of coal-related investments in 2015.
The Norwegian move follows Saudi Arabian and other national funds founded on fossil fuels revenues as they ramp up their energy interest with renewables and other clean energy investments needed to combat climate change. (Source: Norwegian Sovereign Wealth Fund, Grist, The Guardian, April, 2019) Contact: Norwegian Sovereign Wealth Fund, www.nbim.no
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The fund, which invests the revenues of Norway's oil and gas production, has also developed in-house software that uses non-financial data, such as CO2 emissions, and trading and earnings data to project future company performance. In 2018, the new software reportedly helped 30 companies complete informed divestments Two of the 30 divested companies were involved in palm oil; one in rubber; ten in coal-based power; and one in "CO2 intensity".
In 2018, the Norwegian fund emitted 107 million tonnes of CO2 equivalents via its ownership stakes -- roughly twice the amount emitted by Norway in 2017 -- according to the fund's recently release annual report. (Source: Norwegian Sovereign Wealth Fund, Reuters, euronews, Feb., 2019)Contact: Norwegian Sovereign Wealth Fund, Yngve Slyngstad,