The Norwegian parliament passed a resolution directing Norges Bank Investment Management to divest from companies whose primary business is oil and gas exploration. The move affects approximately 40 companies valued at roughly $6 billion.
As the world's largest sovereign wealth fund, its investment decisions influence global market trends.
Parliament passes divestment resolution
40 companies affected
$6 billion in divestments
Norway built its wealth fund from oil revenues but is now using it to divest from fossil fuels.
Norway's parliament voted to exclude pure-play fossil fuel exploration companies from its $1.8 trillion sovereign wealth fund. This development builds on a longer history of events in business.
Looking ahead: Norway's parliament voted to exclude pure-play fossil fuel exploration companies from its $1.8 trillion sovereign wealth fund. Looking forward, this story is likely to develop further as new information emerges.
- 01Parliament voted to divest from pure exploration companies
- 02Affects ~40 companies worth $6 billion
- 03Integrated energy companies with transition plans retained
2019: Coal divestment
2024: First oil exploration review
2026: Full divestment mandate
Parliament voted to divest from pure exploration companies
sovereign
/ˈsɒv.ɹɪn/nounMeaning: A monarch; the ruler of a country.
Easy meaning: A monarch
exploration
/ˌɛkspləˈɹeɪʃən/nounMeaning: The process of exploring.
Easy meaning: The process of exploring.
Example: The exploration of unknown areas was often the precursor to colonization.
management
/ˈmænədʒmənt/nounMeaning: Administration; the use of limited resources combined with forecasting, planning, leadership and execution skills to achieve predetermined specific goals.
Easy meaning: Administration
Example: Excellent time management helped her succeed in all facets of her life.
affects
verbMeaning: To influence or alter.
Easy meaning: To influence or alter.
Example: The experience affected me deeply.
billion
/ˈbɪljən/nounMeaning: (modern British & Australian, short scale) a thousand million (logic: 1,000 × 1,000^2): 1 followed by nine zeros, 109; a milliard
Easy meaning: (modern British & Australian
Example: There were billions of people at the concert.
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