Norway’s oil fund shake-up raises hackles | Financial Times

Norway’s oil fund shake-up raises hackles | Financial Times:

In the autumn of 2017, Norway’s $1tn oil fund lobbed what one official in Oslo called “a bomb” into the country’s policymaking circles.

The world’s largest sovereign wealth investor, funded entirely from Norway’s petroleum resources, advocated selling out of oil and gas entirely — on the grounds that the country, western Europe’s largest oil and gas producer, was now too dependent on petroleum.

Once taboo in Oslo’s elite, the question of divesting from fossil fuels — the oil fund was barred from coal in 2015 — suddenly topped the political agenda. A government-appointed commission recommended keeping the shares; environmentalists and some political parties pushed for divestment.