Norway’s £1tn wealth fund to divest from oil and gas exploration

By Rob Davies

World’s largest sovereign wealth fund was created to invest North Sea oil profits

The world’s largest sovereign wealth fund, which manages £1tn of Norway’s assets, is to dump investments in firms that explore for oil and gas, but faced criticism for a policy that will still allow it to own stakes in firms such as BP and Shell that have renewable energy divisions.

The Government Pension Fund Global (GPFG), whose assets dwarf those of rival sovereign wealth funds such as China’s or the United Arab Emirates’, said it would phase out oil exploration from its “investment universe”.

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