Oil helped Norway build up a $1 trillion fund. Now it's dumping oil stocks.
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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