World’s largest sovereign wealth fund in Norway to dump oil stocks
11 March, 2019, 10:36
Norway'ssovereign wealth fund will exit all investments in oil and gas production acting on a government recommendation in line with a more cautious approach to energy investments by the world's largest sovereign wealth fund worth about US$1 trillion.
The Norwegian government, which gets 20 percent of its revenue from the petroleum sector, said Friday it wants to reduce its vulnerability to a permanent decline in the price of oil. The fund, somewhat ironically, derives its income from Norway's booming oil and gas industry.
The government will also recommend selling off roughly £6.12bn ($8bn) in small oil firms and will instead rely on large oil production corporations such as Exxon, Shell, and Total.
The Government Pension Fund Global, managed by Norges Bank, is built on the revenues from Norway's oil industry. "This advice is based exclusively on financial arguments and analyses of the government's total oil and gas exposure", the Bank's Deputy Governor Egil Matsen said at the time.
The decision is also likely to embolden activists that are continually pushing for other funds, and even fossil fuel companies themselves, to move away from so-called "dirty" fuel and toward renewable energy.
Mark Campanale, executive director of the Carbon Tracker Initiative, a think-tank on climate issues, says Friday's decision is more significant than when the fund sold off its shares in coal companies.
"Everything indicates that nearly the entire growth in listed infrastructure for renewable energy over the next 10 years will be driven by companies that do not have renewable energy as their main activity". It now owns around $37bn of shares in oil companies such as BP, Shell and Total.
The stocks to be sold are from a group of 134 companies labeled exploration and production firms by the London-based index provider FTSE Russell, a list that includes USA oil producer Occidental Petroleum and shale driller Pioneer Natural Resources.
While the climate change aspect is not officially part of Norway's justification for the move, a sell-off would "obviously be very important", said Greenpeace, which has campaigned for divestment for years.
"When one of the biggest sovereign funds in the world concludes that it can yield high returns on its investments with moderate risk by reducing its exposure to oil and gas, investors take note", Jan Erik Saugestad, head of asset management at Norwegian insurer Storebrand said.
350.org includes Norway's sovereign wealth fund on its divestment list, but the country is not divesting from fossil fuels as McKibben claimed.
On a month-on-month basis, Taiwan's exports fell 25.3 percent and imports were down 41.4 percent in February, the MOF data shows. During the first two months, China's foreign trade amounted to 622.72 billion US dollars, down 3.9 percent year on year.
And today, her case is back on the news agenda, after the British government announced she has been granted diplomatic protection. It is very different to diplomatic immunity, which applies to accredited diplomats and provides them with safe passage.
However, whatever the result ends up being we have already seen the talking point for this game and it has marred the whole derby. In the opening few minutes of the Second City derby, with the scores level at 0-0, Jack Grealish has been assaulted on the pitch.
The employment-population ratio, at 60.7%, was unchanged over the month but was up by 0.3 percentage point over the year. The state's private sector job count is based on a payroll survey of 18,000 NY employers conducted by the U.S.
It has been widely reported since, that former Mamchester United manager Jose Mourinho is most favoured to join the club. The objective is always the next game, always. "The first is Valladolid tomorrow".
Secondly, they were all " cured " following a bone marrow transplant, which is not only hard and painful but also very risky. What saved them both were stem cell transplants from bone marrow donors - last-ditch attempts to save them from the cancers.
On Tuesday, Phillies recruit Harper said , "If you don't think I'm gonna call Mike Trout to come to Philly in 2020, you're crazy". For sure, if he sprains his ankle, wrenches a knee, or some other similar thing happens, they still have to pay him something.
'Just one more push' to get Brexit, Britain's May urges EU
The DUP was equally unimpressed, with Nigel Dodds, its deputy leader, calling the proposal "neither realistic nor sensible". Mr Kyle said: "Clearly the Brexit Secretary is fully engaged in the battle to deliver support for the vote on Tuesday".
Nintendo next Labo kit is all about virtual reality
If you thought Nintendo was done pairing its cardboard Labo accessories with its hybrid Switch console , you're in for a surprise. Strictly speaking there is just one dedicated VR kit, the Toy-Con 04 VR Kit, but it will be available in two configurations.
Bill Maher thinks Ilhan Omar 'might be' anti-Semitic
The HBO star pivoted to House Democrats, who struggled with a resolution to condemn Omar's criticism of Israel. She continued: "Our nation is having a hard conversation and we believe this is great progress".