World’s Biggest Wealth Fund Wants Out of Oil and Gas
- Fund wants to protect Norway’s economy from oil price risk
- Government says will conclude assessment in ‘fall of 2018’
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The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks.
Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.