World’s Largest Investment Fund to Exit Oil Stocks

World’s Largest Investment Fund to Exit Oil Stocks

Norway’s Sovereign Wealth Fund, the largest investment portfolio on the planet by a wide margin, is set to divest any and all interests in the extraction, processing and sale of fossil fuels, an announcement that has stunned financial markets around the globe.

Said to contain some $35 billion in oil and gas stocks, the Norges Bank Investment Management fund, Norway’s $1 trillion-plus — and growing — national nest egg, has announced that it is in the planning stages of creating a program to divest in its fossil fuel assets, a move seen to be the harbinger of a greater shift toward sustainable energy holdings.

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