Norway’s sovereign wealth fund, the world’s biggest and which is fuelled by petrodollars, will divest its oil and gas holdings to reduce its exposure to the oil sector, the Norwegian government announced on Friday. While the decision is based solely on financial considerations and not on the environment or climate change, a divestment by an investor worth more than $1 trillion will undoubtedly be seen as a major blow to polluting fossil fuels. The government of Norway, the biggest hydrocarbon producer in western Europe, said it would exclude companies classified as exploration and production companies from the fund.
