The world’s biggest sovereign wealth fund proposing to ditch shares in oil & gas companies to protect economy against falling oil price
Mark Campanale, founder & executive director said:
“The energy sector is undergoing a fundamental transition, as the world switches to local carbon sources for power and transport. An economy such as Norway, heavily dependent on oil revenues to underpin its sovereign wealth fund, is to be congratulated for taking a timely and foresighted approach to managing its transition risk exposure.
“Diversifying away now from fossil fuels, including oil and gas which face an uncertain future, reduces risks in its investment portfolio whilst allowing growing exposure to renewables — one of the fastest growing business sectors in the world.”
Anthony Hobley, Chief executive, said:
“This move on a par with the Rockefeller family’s purge of fossil fuels last year is a huge signal to investors worldwide that cannot be ignored. Many investors are already engaging with oil and gas companies to ensure they address their exposure to fossil fuels and to climate risk. Our analysis is helping investors to identify the risks and powering much of this engagement.