The world’s biggest investor’s plan to exit oil stocks is the ‘shot heard around the world’
The world’s biggest investor’s plan to exit oil stocks is the ‘shot heard around the world’. Norway’s proposal to sell off US$35 billion in oil and natural gas stocks brings sudden and unparalleled heft to a once-grassroots movement to enlist investors in the fight against climate change. Norway’s positions in oil companies are vast, and finance ministers will unload their shares gradually if they want to maximize returns, Nysveen said. But the debate, she said, underscores that climate change has made fossil fuels increasingly risky investments — even in the eyes of a petroleum giant like Norway.