Norway is the first country in the world to divest from fossil fuels


Peace and Freedom

By Adam Epstein

Norway, the nation with the largest sovereign fund in the world, is withdrawing from its investments in fossil fuels. A number of universities, cities, and religious institutions have joined the so-called “divestment” movement, but Norway is the first nation to do so officially.

 

“It’s not the first time a country’s fund has sold off companies,” Jamie Henn, co-founder of the international climate-change advocacy group 350.org, told Quartz. “But it’s definitely the first time they’ve done so in the context of climate risk and environmental concerns.”

Norway is divesting from 32 coal companies, most of which are linked to either high carbon emissions or deforestation. It’s also pulling out of investments in tar sands and cement. Moral high ground aside, investing in these companies—like the fossil fuels they generate—may be unsustainable. While Norway can now boast that it has made a bold move toward a cleaner planet, it…

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