World's biggest investment fund considers ditching fossil fuels
Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Our perspective here is to spread the risks for the state’s wealth,” Egil Matsen, the deputy central bank governor overseeing the fund, said in an interview in Oslo. Matsen said “now is a good time” for the proposal because otherwise the new 70 per cent threshold will result in the fund buying even more oil and gas shares because it tracks indexes that include such stocks. The fund said it doesn’t expect returns or market risk to be affected “appreciably” by its proposal, emphasizing that cutting exposure to the energy industry would allow it to crank up investments in other sectors. Sony Kapoor, a former adviser to Norway’s government, said the plan is “a belated victory for common sense over the powerful oil and gas lobby in Norway,” calling on the fund to now boosts its “green” investments at least tenfold.
Norway's $US1 trillion sovereign wealth fund to dump billions in coal investments
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