The Norwegian Government Pension Fund – Global continues its investment in the fossil fuel sector

Despite criticism on investment decision of the Norwegian Government Pension Fund – Global (GPF), the pension fund will stay with its investment strategy. GPF is worth $760 billion and one off the world’s largest sovereign wealth fund. In its investment decision, GPF has listed tackling climate change as a priority area of focus. Nevertheless, 3 of its 10 largest equity investments are in the oil and gas sector. Furthermore, GPF is invested in 147 of the 200 largest companies which are holding reserves in coal, oil and gas. In total, GPF is investing 15% of its fund in mining, oil and gas industries. In spite of the own priorities, GPF refuses to sell its investments in these controversial areas. The 10 largest equity holdings of GPF are Nestlé SA, Royal Dutch Shell Plc, HSBC Holdings Plc, Novartis AG, Roche Holding AG, BlackRock Inc, Sanofi, Vodafone Group Plc, BP Plc,Exxon Mobil Corp.

 

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