Norway’s wealth fund to divest from some oil companies
Norway’s $1 trillion sovereign wealth fund is planning to shed some of its oil investments. While the move has been celebrated as a big win by environmentalists, its motivations have more to do with economics than climate change. The Norwegian government, which gets 20 percent of its revenue from the petroleum sector, said Friday it wants to reduce its vulnerability to a permanent decline in the price of oil. The fund will eventually sell its investments in 150 oil exploration and production companies, which amounts to only 1.2 percent of its holdings. It’ll still invest in large, integrated oil companies like BP and Exxon Mobil.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.
