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World's largest sovereign wealth fund could ditch oil and gas stocks

by LiveModern Webmaster last modified Nov 21, 2017 01:03 AM
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by (Lacy Cooke) last modified Nov 20, 2017

Norway raked in money from oil in the past. But now the country's Norges Bank, which manages its $1 trillion wealth fund - the world's largest - is recommending the government dump fossil fuel stocks. They said the move "will make the government's wealth less vulnerable to a permanent drop in oil and gas prices." According to Bloomberg, this could mean getting rid of $35 billion in stocks - and European oil stocks plummeted after the proposal. Related:





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