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Sovereign Wealth Funds Briefing - Categorized | Market

Norway’s oil fund caught between the devil and deep blue sea

Posted on 04 March 2014

On the very day last week when Norway’s parliament discussed banning its sovereign wealth fund from investing in coal miners, Store Norske, the country’s state-owned coal miner, opened a mine on the Arctic island of Svalbard. Hypocrisy was the word on the lips of environmentalists.
Now that charge has gained even more resonance. In the early hours of Friday, the two governing centre-right parties in Norway and two of their allies killed off the plans for an immediate ban on coal investment. Instead, they agreed something far more ambitious. An expert group will be set up to see whether Norway’s oil fund – the world’s largest sovereign wealth fund with assets of $840bn – should stop investing in any companies related to fossil fuels – not just coal, but oil and gas, too………………………………………..Full Article: Source


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