By Andy Rowell The beginning of the end of the age of oil moved a step closer Friday, with Norway’s government recommending that its $1 trillion wealth fund should divest from upstream oil and gas producers. The news that the world’s largest wealth fund, known as the Government Pension Fund Global (GPFG), which is highly influential just by its huge financial size, will divest from companies that explore and produce oil, "has sent shockwaves through the energy sector," according to the Financial Times . Whilst the move is significant in driving the fossil fuel disinvestment momentum, the Financial Times notes there are caveats: "the world’s largest sovereign wealth fund has given a reprieve to the global oil majors" such as Shell and BP and "the fund appears to be allowed to still invest in oil and gas companies if they have activities in renewable energy." The move is primarily concerned about protecting the Norwegian economy from any future plunge in the oil price rather than climate concerns, although these are mentioned by the government. In its report, published Friday , it stated that "Climate risk is an important financial risk factor for the GPFG, and may over time have […]
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