Norway oil fund: We won’t divest from fossil fuels

ByPR 24

The head of Norway’s sovereign wealth fund has said it will not divest the billions of dollars invested in oil and gas companies.

Selling these companies would not solve the problem of transitioning to greener energy, Nicolai Tangen told BBC News’s Hardtalk programme’s Stephen Sackur.

And it was “much more powerful to be an active owner and have a constructive dialogue with these companies”.

Created when vast reserves of oil and gas were discovered in the country, the Government Pension Fund Global, valued at $1.4trillion (£1tn), has invested in more than 9,000 companies worldwide.

The 26th United Nations Climate Change Conference of the Parties (Cop26) focused on the need to decarbonise the world economy to reduce the worst impacts of climate change.

Watch the full interview on Tuesday, 30 November, on BBC World News or watch again on BBC iPlayer (UK only).

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