A senior executive at Norway’s sovereign wealth fund, which owns a larger share of global stocks than any other investor, says Big Oil’s transition strategy isn’t holding up as carbon emissions continue to rise.
For investors trying to align their portfolios with the goals of the Paris climate agreement, such developments represent a worrying shift in the wrong direction. “Traditional energy companies are hugely important to the global economy, they are hugely important to Goldman Sachs,” he said. “We are all going to continue to finance traditional companies for a long time.”
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