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Norway’s $1 Trillion Fund Wants Out of Oil and Gas Stocks

Nov. 16, 2017, 6:01 PM

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 its economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Nov. 16. 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.

“Our perspective here is to spread the risks for the state’s wealth,” Egil Matsen, the deputy ...