The Norwegian Government Pension Fund Global, which is part of the world’s largest sovereign wealth fund managing $tn in assets, has dropped $13 billion in fossil fuel investments, the largest single divestment to date.
Read the full story at the Guardian.
The fund will also move to begin investing directly in so-called ‘unlisted infrastructure’, renewable energy investments that are not yet securitised and listed on stock markets.
Sadly, the investment commitment does not rule out continued investment in oil companies such as BP and Shell on the grounds that they have some investments in renewables. BP and Shell’s overall business models, however, remain overwhelmingly concentrated in fossil fuels, and without a firm and meaningful commitment to science-based targets.
As Guardian journalist George Monbiot has noted, “Shell is not a green saviour. It’s a planetary death machine.”