After months of deliberations, Norway’s government proposed in March that the country’s US$1-trillion fund—the world’s biggest sovereign wealth fund—divest from oil and gas exploration companies. The move by the fund, which has amassed its vast wealth on the back of Norway’s oil and gas revenues, comes at a time when investors are increasingly pressing major oil companies to start taking climate change seriously and to prepare their business portfolios for a world of peak oil demand, whenever that may come. Norway, however, is motivating its decision with financial reasons, aiming to cut exposure to the oil price risk. More importantly, the fund will not be divesting from any of the Big Oil firms. While the decision to dump oil stocks initially sent shockwaves through the markets, the list of 134 companies proposed for exclusion includes only firms classified by the index provider FTSE Russell as belonging to the exploration […]