Renewable Roundup: World’s biggest wealth fund goes for world’s biggest fossil fuels divestment

  • Published on May 19th, 2020

This is just the latest chapter in an ongoing saga [sic] involving trolls and fire giants.

norway divests from fossil fuels

By Mokurai

Norwegian Sovereign Wealth Fund Divests Itself Of Climate-Destroying Stocks Worth $3 Billion

The Norwegian Sovereign Wealth Fund has sold $3 billion worth of energy stocks and other companies it finds are seriously harming the environment. Most of the stocks it sold in the energy sector are for Canadian companies involved in producing and distributing oil derived from the Alberta tar sands. According to the CBC, Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, announced on Wednesday it would stop investing in Calgary-based Canadian Natural Resources, Cenovus Energy, Suncor Energy, and Imperial Oil after concluding they produce unacceptable levels of greenhouse gas emissions.

Getting rid of the shares of the 7 companies at this time wasn’t an easy task, given the market turmoil caused by the coronavirus and the plunging price of crude oil. Apparently, there weren’t all that many buyers begging to acquire the shares of those companies.

Norway to sell off fossil fuel stocks worth more than $8 billion — New Scientist

Norway to sell off fossil fuel stocks worth more than $8 billion. Norwegian MPs have backed a decision to divest the country’s $1 trillion sovereign wealth fund from oil and gas exploration firms and invest more in renewable energy companies that aren’t listed on stock markets.Jun 12, 2019

Jun 12, 2019 – The Scandinavian nation’s parliament voted on Wednesday to instruct its $1 trillion fund to pull an estimated more than $13 billion from oil, gas and coal extracting companies and move up to $20 billion into renewable-energy projects and companies, representing around 2% of the fund.

World’s biggest sovereign wealth fund to ditch fossil fuels — The Guardian

Jun 12, 2019 – Norway’s Government Pension Fund Global gets go ahead to divest … the largest fossil fuel divestment to date by dropping more than $13bn of …

How Significant Is Norway’s Fossil Fuel Divestment … – Forbes

Mar 15, 2019 – Last week Norway’s Government Pension Fund Global (GPFG) announced that it would divest certain fossil fuel investments. Today I offer …

Norway’s Sovereign-Wealth Fund Boosts Renewable Energy — WSJ

Jun 12, 2019 – “Norway’s empty gesture decision to divest its oil fund from select fossil fuel companies is hypocritical at worst and limited at best,” said a …

Hypocrisy, hoo boy!

Norway Approves Sovereign Wealth Fund Fossil Fuel Divestment

Jun 21, 2019 – Norway Approves Sovereign Wealth Fund Fossil Fuel Divestment … Fund Global to divest more than $13 billion worth of fossil fuel investments, …

Norway’s $1 Trillion Fund Wins Go-Ahead for Oil Stock Divestment — Bloomberg

Jun 11, 2019 – Norway’s $1 trillion sovereign wealth fund got the green-light to dump more than $13 billion in stocks linked to fossil fuels as well as a broad range of … Norway’s $1 Trillion Fund Wins Go-Ahead for Oil Stock Divestment. By.

Dear Norway, Please Divest! – Fossil Free

To: Norwegian political leaders. Please divest your Global Pension Fund from fossil fuels, starting with companies mining and burning coal. Be a climate leader …

Norway′s sovereign wealth fund backs away from fossil fuels — Deutsche Welle

Jul 10, 2019 – Norway’s sovereign wealth fund backs away from fossil fuels. Coal and oil … And they recognize Norway as a pioneer of divestment. Marianne …

Why Norway’s sovereign wealth fund is ditching fossil fuels

Jun 13, 2019 – To comply with the new directive, the fund looks set to divest assets in mining giants working with coal, such as Glencore, BHP Billiton and Anglo American, and energy companies such as Germany’s RWE and Italy’s Enel.

JP Morgan Chase backs off from fossil fuel investments

Activists convince Blackrock to back off from fossil fuel investments

(Crossposted with DailyKos.)

About the Author

Generalist BA, Math and Philosophy Peace Corps, South Korea Buddhist monastic training High-tech market analyst Tech Writer Serial NGO Founder Education for a billion children End poverty at a profit