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Norway’s Wealth Fund to Big Oil: More Renewables and We’ll Stay

April 12, 2018, 12:46 PM

Norway’s $1 trillion wealth fund has a clear message to oil companies: do more in renewable energy and we may stick around as an investor.

The fund shocked global markets last year with a proposal to divest all of its oil stocks to reduce Norway’s total exposure to oil risk. The government is studying the plan and will make a decision in the second half of 2018.

A transformation of the industry to more renewable energy where it’s not as “exposed to changes in the oil price” would change the thinking, according to Egil Matsen, the central bank deputy ...