Norway’s Statoil said it aims to cut its carbon footprint more aggressively as measures to reduce global warming could reduce the value of its assets, leaving some of its reserves stranded underground. The possibility that large quantities of the world’s oil will never be developed due to the increase of renewable energy and the electrification of transport has been a growing worry for investors in the oil sector. Statoil, Norway’s largest company, started stress testing its portfolio of oil and gas assets against global energy scenarios set out by the International Energy Agency (IEA) at shareholders’ request in 2015. The IEA’s Sustainable Development Scenario analyses the likely impact of energy policies by 2040. “The net present value (NPV) (of Statoil’s portfolio) will be reduced by 13 percent […]