Occidental Petroleum (NYSE:OXY)
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6 Months : From Apr 2019 to Oct 2019
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.
-- Norway's parliament asked its $1 trillion fund to pull an estimated more
-- ...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
-- 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
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)
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