World’s Largest Fund May Divest from Oil
Norwegian cottage on a fjord
Norway’s $1 trillion sovereign wealth fund said Thursday that it’s considering selling all of its shares in fossil fuel companies like Exxon Mobil Corp., Royal Dutch Shell Plc and other oil giants, in order to diversify its holdings and to avoid future losses due to drops in crude prices as the world moves away from oil. European oil stocks instantaneously dropped across the board on the announcement. It should be noted that Norway as a country still owns considerable fossil fuel resources it generates income from, so this would represent a move to lessen its overall exposure by eliminating all outside investments in the sector.
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