The plan applies to holdings currently worth roughly $8 billion in 134 companies. The list includes some big U.S.-based oil-and-gas producers such as Anadarko, Marathon Oil, Continental Resources, Chesapeake Energy and several others.
But, but, but: The divestment applies only to oil-and-gas companies specifically, not big integrated majors — including Norway’s own Equinor — that have renewable energy as a small but growing part of their business.
- “It is anticipated that almost all of the growth in listed renewable energy over the next decade will be driven by companies that do not have renewable energy as their main business. The Fund should be able to participate in this growth,” Finance Minister Siv Jensen said in a statement.
Where it stands: Bloomberg posted a helpful explainer that gets into why Norway, a major energy producer that controls 67% of the oil-and-gas giant Equinor, would make this move.
- “The fund contends that it makes little sense for Norway to be doubly exposed to the oil markets. As western Europe’s biggest oil and gas producer, its fortunes are already heavily linked to petroleum, deriving almost half its exports and more than 20 percent of the state’s revenue from the commodities,” it notes.
What they’re saying: Fossil fuel divestment advocates cheered the move. Mark Campanale, executive director of the Carbon Tracker Initiative, tells Axios it shows that the finance ministry “understands that the future belongs to those who transition away from fossil fuels.”
- “Now is the time for smart investors around the world to follow their lead and make decisions driven by the reality of the energy transition,” he says.
Go deeper: Oil-rich Norway, loved by Trump, tries to go big on climate change
