The Norwegian government announced Friday that the fund, which is worth about $1 trillion, will gradually phase out its investments in exploration and production companies including Chesapeake Energy and China's CNOOC .But it will continue to invest in oil companies that are developing big renewable energy businesses, such as BP and Shell .
"[It] shows that while the fund was initially built on revenue from oil and gas, the ministry of finance understands that the future belongs to those who transition away from fossil fuels," he added. Climate is the biggest risk to business The fund's managers first floated the idea of divesting from oil and gas stocks in 2017 after the country's finances suffered a hit from the drop in oil prices. An expert commission later recommended the fund should keep those investments.
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Cc Aminu_dandan
ok ok
We were both earning massively from the oil boom of 2013+, we failed to builds our Reserves but other OPEC members were saving. Norway build up $1 tillion reserves, where is Nigeria's buildup? Rather we depleted what was stocked for future purposes. IneffectualBuffoon thank you.
Bet they’re buying solar
I have know about this... But at least they dumping them! I just dont care Past is past! Now is what is important! Science is solid We need to phase out now! worldwideGND
Este es el camino correcto!
Lol
MBuhari Ask your people to read this and explain to you what it means.
Just like every ex.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
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