Norway’s wealth fund cuts fossil fuel exposure, which may affect Sasol and Anglo
The fund was built on the country’s revenue from oil and gas production, but Norway is taking a leading role on responsible investment
Oslo — Norway’s $1-trillion wealth fund is doubling down on its climate action by making deeper cuts to its fossil fuel exposure.
The exclusions span some of the world’s biggest coal miners and make use of climate rules for the first time to exit oil-sands firms. Glencore and Anglo American, utility RWE and Canadian oil producer Suncor Energy are among those hit by withdrawals that amount to about $3.3bn based on Bloomberg calculations using the fund’s reported holdings at the end of last year...