Norwegian Fund Hosts $7 Billion Mega-Sale of Energy Companies

The Norwegian Sovereign Fund has announced a $7 billion sale of shares for 134 exploratory fossil fuel and energy companies. Norway owns the largest sovereign fund in the world, the Government Pension Fund Global (GPFG), which is valued at over $1 trillion. In 2017, Norges Bank suggested that the fund step away from oil and gas stocks to protect against consistent downward trends in oil prices. The problem is that 6.4 percent of the fund is invested in these stocks. Over the last two years, the fund has honed a plan to divest upstream oil and gas shares. It will

The post Norwegian Fund Hosts $7 Billion Mega-Sale of Energy Companies appeared first on CCN

source https://www.ccn.com/norway-sells-7-billion-fossil-fuels

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