Norway to sell off billions in fossil fuel stocks

Norway to sell off billions in fossil fuel stocks
© Greg Nash

Norway's sovereign wealth fund on Wednesday received the go-ahead from the country's parliament to sell over $10 billion in stocks in companies related to fossil fuels.

The Government Pension Fund Global, the world's largest with $1 trillion in assets, will drop investments in eight coal companies and an estimated 150 oil producers, according to The Guardian.

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It will also scrap investments worth $7 billion in oil exploration and production companies, as previously planned.

The fund will retain stakes in oil companies which are limiting their exposure to fossil fuels by investing in clean energy technologies, like BP and Shell, however.

The legislation passed by parliament Wednesday also gives the fund a legal mandate to invest in renewable energy projects, according to The Guardian.

The fossil-fuel divestment comes amid a broader push in Europe to end financing for companies contributing to the climate crisis.

Eighty climate organizations and academics sent a letter to the European Investment Bank on Thursday calling for the bank to end fossil-fuel financing.

“Public pressure is stronger than ever because we are in the midst of a climate emergency, and we know the EIB must finally stop funding all fossil fuels,” the letter, coordinated by the campaign group Oil Change International, reads.