Norway contemplates divesting $40 billion in shares

Norway: a country who’s fortune was made in the mid 60s when massive oil and gas reserves were found under the North Sea; a country with an estimated wealth fund of $1,000,000,000,000 (1 trillion); is moving closer to making a formal decision on whether it will divest its $40 billion shares in oil giants such as Exxon Mobil and Royal Dutch Shell.

The fund has garnered support from academics across Norway’s top universities (including UiO – the University of Oslo, NTNU – the Norwegian University of Science and Technology, and NHH – the Norwegian School of Economics), as a move away from investing in oil and gas company stocks will give Norway the ability to diversify their risk in a global environment increasingly moving away from fossil fuel sources – especially considering Norway is Europe’s biggest petroleum producer and has made its fortune on those very fuel sources.

Understandably, the issue requires a great deal of consideration and evaluation before a decision is to be made; but it’s expected the Norwegian government and parliament will weigh up the evidence and recommendations before making their decision later this year.

If you’re contemplating the in-depth reasons behind the proposal, you can find more information here.

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