Norway Gives Wealth Fund Approval to Cut Some Oil - Bloomberg

Norway Gives Wealth Fund Approval to Cut Some Oil - Bloomberg:

Norway took a half step toward divesting oil and gas stocks in its wealth fund, saying it approved selling pure exploration companies while sparing the biggest integrated producers.

“The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline,” Finance Minister Siv Jensen said in a statement. “Hence, it is more accurate to sell companies which explore and produce oil and gas, rather than selling a broadly diversified energy sector.”

The proposal, which rattled global markets when it was revealed back in 2017, was then hailed as a potential huge step by climate activists. It has also been a hot-button issue in Norway, which is seeking to project an image as a responsible environmental steward while pumping oil and gas at a fast clip.