Norway’s sovereign wealth fund, the world’s largest sovereign wealth fund that manages more than $1 trillion of the country’s assets, announced on Friday, March 8 that it will divest from oil and gas exploration investment firms. However, the sovereign wealth fund will continue to hold financial stakes in larger firms such as BP and Shell that already have renewable energy divisions. The last major divestment the sovereign wealth fund committed to was in 2014 when they dropped 50 coal companies from the fund.
Movements to divest from nonrenewable energies are on the rise globally. According to Fossil Free, a project of the environmental group 360.org, multiple non-profits, companies, universities, pension funds, and governments have already committed to divesting from non-renewable fossil fuels. These organizations include Chico State University in California, the Church of England in the United Kingdom, the city of Berkley in California, and the city of Cape Town in South Africa.
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