STAVANGER, Norway — Norway’s US$1-trillion wealth fund, the biggest of its kind in the world, will begin dumping shares in oil and gas companies including some Canadian names, but stopped short of barring major producers like Suncor, ExxonMobil and Chevron.
The fund is looking to sell some US$7.5 billion in shares in 134 energy companies over time, including 26 Canadian names. “The objective is to reduce the aggregate oil price risk on the whole Norwegian economy,” Minister of Finance Siv Jensen told The Associated Press. “The Norwegian state is highly exposed to oil.”
Mark Campanale, executive director of the Carbon Tracker Initiative, a think-tank on climate issues, says Friday’s decision is more significant than when the fund sold off its shares in coal companies. He cited Bloomberg statistics from December that show the wealth fund owned just one per cent of Canadian Natural’s stock, 0.57 per cent of Encana’s shares and 0.68 per cent of Cenovus’ shares.
Integrated oil giants were not banned from the fund’s investments in part because those companies are considered most likely to invest in green energy — a market the Norwegian government is keen to profit from.
They are keeping their own though. Norway has one of the largest oil supplies in the world. Are they going to shut them down?
Realmediavoices While Canadians are fighting over whether we should be producing more dilbit or not. WTFU people! Even Exxon has poured billions into renewables! RenewableEnergy
Good, boycott filthy oil!
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