Norway’s divestment from fossil fuels will be felt worldwide
The country built a prosperous economy on the back of North Sea oil, but now will divest from oil, gas and coal in favour of green energy
Norway’s parliament has passed a vote to have the world’s largest sovereign wealth fund divest billions from fossil fuels in favour of clean energy. The move is expected to have wide-reaching implications, and companies such as Glencore, Anglo American and South32 are more than likely in the line of fire.
Norway’s prosperous economy was built on the back of North Sea oil and today it is the third largest gas exporter in the world. But last week Norwegian policymakers voted for a mandate change for its trillion-dollar sovereign wealth fund. It marks the largest publicly disclosed fossil fuels divestment to date. Given that the fund owns an average of 1.3% of every listed company in the world, this decision is expected to be felt across international markets.