It is a significant step in Norway's history: The country's pension fund, which is considered the largest sovereign wealth fund in the world, wants to gradually divest itself of holdings in companies in the oil industry. The decision affected a total of 95 companies, the Norwegian Ministry of Finance said. It is estimated that the investment is worth around 54 billion Norwegian kroner (5.4 billion euro), the statement said.
Norway's sovereign wealth fund manages the country's traditionally high oil and gas revenues with the aim of securing wealth for future generations. Therefore, the "Staten pensjonsfond Utland" (the "National Pension Fund Abroad") applies the money worldwide. Currently, the fund has a market value of 9692 billion Norwegian kroner - that is about 971 billion euros. About two-thirds of the capital is invested in shares and ownership interests of more than 9,000 companies in more than 70 countries.
The parliament in Oslo had already decided in June that the sovereign wealth fund would have to reduce its holdings in coal, oil and gas business and instead invest in renewable energies. The new strategy could also hit two German coal-fired converters: RWE, the EU's largest CO2 emitter, and former Eon subsidiary Uniper.