The Norwegian Oil Fund
Despite its stated ambitions to be an international climate leader, Norway’s Oil Fund is the largest European fossil fuel investor with more than $70 billion/700 million NOK invested in the industry
Norway may be a small country, but it has the largest Sovereign Wealth Fund in the world. The fund, popularly known as the Oil fund, holds on average 1.5% of all publicly listed companies in the world and wields enormous influence amongst financial institutions. In 2022, the Norwegian Oil fund introduced a Climate Action Plan in which they proclaim that they want to become a global leader in managing financial risks. This sentiment was also echoed by Prime Minister Støre during COP26. However, these promises ring hollow as the Oil Fund remains the largest European fossil fuel investor with $70 billion/700 million NOK invested in 214 fossil fuel companies worldwide. 94% of the investments are placed in fossil fuel companies with expansion plans – putting the Norwegian peoples joint piggy bank at risk. We urgently need a plan to phase out the fund’s fossil fuel investments, both to minimize the climate risk of the Fund and reach the goals set by the Paris Agreement.
NORWAY'S COAL SECRET 2 (ENGLISH VERSION)
April 2024
This analysis shows that the Norwegian Oil Fund has invested a total of 189 billion NOK in coal companies, despite Norway's ambitions to be an international climate leader.
These investments are spread across 97 coal companies worldwide. 112 billion of the investments are placed in 47 companies that have expansion plans that contradict the goals of the Paris Agreement.
NORGES KULLHEMMELIGHET (NORSK VERSJON)
April 2024
Denne analysen viser at det norske Oljefondet har investert hele 189 milliarder NOK i kullselskaper, til tross for Norges ambisjoner om å trekke Oljefondet ut av industrien og å være en internasjonal klimaleder.
Disse investeringene er fordelt på 97 kullselskaper verden over som driver med termisk kull for kraftproduksjon og metallurgisk kull for stålproduksjon. Noe av det mest bekymringsverdige ved funnene er at 112 milliarder er investert i 47 selskaper med ekspansjonsplaner som strider mot målene i Paris-avtalen.
NORWAY’S COAL SECRET
April 2023
This reports uncovers that despite the Norwegian Oil Fund stating it has sold out of coal and despite Norway’s repeated promises that the Fund will be an international climate leader, the fund still has tens of billions of Norwegian Kroner (NOK) invested in the industry.