Norweigan Wealth Fund Withdraws from Oil Sector
New CEO focuses on sustainable investing and orders asset managers to find investment opportunities in renewable infrastructure-
The world’s largest sovereign wealth fund announced it had sold its entire portfolio of companies focused on oil exploration and production by the end of 2020.
Trond Grande, the fund’s deputy CEO, spoke after the fund revealed a $10bn loss on oil and gas holdings in 2020 that had been valued at more than $40bn at the start of the year.
Overall, 2020 was one of the fund’s best years ever, with the total portfolio generating $123bn in returns, buoyed in particular by its holdings of tech stocks.