Norway's $1 Trillion Fund Wins Go-Ahead for Oil Stock Divestment
- An estimated $7.5 billion in oil stocks slated for sale
- Norway to also dump more coal stocks and emerging market debt
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Norway’s $1 trillion sovereign wealth fund got the green-light to dump more than $13 billion in stocks linked to fossil fuels as well as a broad range of emerging-market bonds.
With broad support, parliament on Wednesday approved a spate of changes, including a watered down plan to dump oil explorers and producers that spares the biggest global petroleum companies such as Royal Dutch Shell Plc and Exxon Mobil Corp.