Norway's Sovereign-Wealth Fund Boosts Renewable Energy

Date : 06/13/2019 @ 1:36PM
Source : Dow Jones News
Stock : Anadarko Petroleum Corp. (APC)
Quote : 73.38  0.41 (0.56%) @ 12:59AM

Norway's Sovereign-Wealth Fund Boosts Renewable Energy

Anadarko (NYSE:APC)
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By WSJ City 

Norway's sovereign-wealth fund is embracing renewable energy and winding down fossil-fuel investments after parliament instructed the fund, built on oil profits, to redirect investments in smaller firms.

KEY FACTS:

   -- Norway's parliament asked its $1 trillion fund to pull an estimated more 
      than $13bn... 
 
   -- ...from oil, gas and coal extracting companies, and move up to $20bn into 
      renewable-energy projects and firms. 
 
   -- The Government Pension Fund Global has around 6% of its holdings in 
      fossil-fuel equities. 
 
   -- It won't pull investments from major oil companies, but will divest from 
      smaller energy firms. 
 
   -- The fund is one of the largest in the world, investing in nearly 9,200 
      companies globally. 

Why This Matters

The divestment comes as government pension funds face pressure to realign their strategies around green businesses and clean energy to meet the goals of the Paris Agreement on climate change. The move could affect several of the fund's US investments including its 1.08% stake in Anadarko Petroleum, 0.98% in Occidental Petroleum and 0.96% in EOG Resources.

The decision also reduces financial risk because the oil-and-gas industry is no longer as profitable since the oil-price drop in 2014.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

June 13, 2019 08:21 ET (12:21 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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