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May 13, 2020

Norway’s $1tn oil fund withdraws support of big oil operators

Norway’s sovereign oil fund, the largest of its kind in the world, has sold out of some of the biggest firms working with commodities and utilities, including Glencore, Anglo American, and RWE, after a breach of the fund’s coal use guidelines.

By Yoana Cholteeva

Norway’s sovereign oil fund, the largest of its kind in the world, has sold out of some of the biggest firms working with commodities and utilities, including Glencore, Anglo American, and RWE, after a breach of the fund’s coal use guidelines.

In addition, the fund also sold out of Brazilian miner Vale because of “severe environmental damage”, caused by a dam burst. It also placed BHP, along with utilities Enel, Uniper, and Vistra Energy on an observation list over their use of coal.

The fund owns on average of 1.5% of every listed company in the world.

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