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Norway wealth fund dumps oil stocks amid 10bn-dollar loss

The world's largest sovereign wealth fund, in itself a colossal accumulation of fossil capital and returns generated thereof, announces that it's offloading a full portfolio of assets tied to oil and gas exploration and production, thereby sending yet another signal that the world of investment is turning away from black energy – and not only for ethical reasons.

Photo: Angus Mordant/Reuters/Ritzau Scanpix

Norway’s sovereign wealth fund has sold its entire portfolio of companies focused on oil exploration and production, marking a major step away from fossil fuels for the investing giant.

The portfolio, worth about USD 6 billion in 2019, was fully exited by the end of last year, Trond Grande, the fund’s deputy chief executive, said by phone on Thursday. The move completes a years-long process to reduce the giant investor’s exposure to a sector that has defined Norway’s economy for the better part of half a century.

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