Norway is known for many great things like FREE healthcare and FREE education, and now they are leading the way by deciding to opt out of oil stocks. What does this mean? Norway is looking to divest some of its $1 Trillion sovereign fund from fossil fuel stocks. The sell off would amount to $35 Billion worth of oil and natural gas stocks. Currently, Norway's fund (which is headed up by Norges Bank Investment Management) is invested in Exxon Mobil Corp., Royal Dutch Shell Plc and other oil big name companies which diversify its fossil fuel holdings. When the institution made the announcement, European oil stocks fell.
"It’s a shot heard around the world."
The proposed plan still needs to be studied by Norway's Financial Ministry which will take about a year to make a final decision. The sovereign fund has already started removing stocks from it's holdings that have a negative impact on the environment like coal.
"This is an enormous change," said Mindy Lubber, president of Ceres, a non-profit that advocates for sustainable investing.
Read more on Bloomberg or leave a comment below.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form :(