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  • Writer's pictureGustavo Bernal Torres

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.



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