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Norwegian Pension (GPFG)
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Clark Williams-Derry and Tom Sanzillo
For 2021, expect conflict and infighting to further muddy the industry’s prospects
It was a dismal year for oil and gas. As the pandemic sucked the wind from the sails of the global economy, oil demand slumped, stockpiles swelled, prices sagged, capital spending collapsed, debt ballooned, profits evaporated, and bankruptcies skyrocketed. After this torrent of bad news, the energy sector ended the year in last place in […]
IEEFA
Reuters: Norway’s $1 trillion wealth fund is excluding some of the world’s biggest commodities firms from its portfolio, including Glencore and Anglo American, because of their use and production of coal. Underlining the growing role of climate considerations for long-term investors, the fund is also excluding German utility RWE, South African petrochemicals firm Sasol and […]
Tom Sanzillo and Kathy Hipple
Facing the impact of diminishing fossil fuel revenues in a time of climate change
Long-term low oil prices and competition from other countries and technologies have driven the Norwegian government, heavily dependent on its large state-owned oil and gas producer, to acknowledge a permanent profit squeeze. Twenty-six percent of the country’s annual budget revenues and 17 percent of its GDP are tied to the oil and gas market. The […]
IEEFA
Reuters: Australian miner South32 Ltd reported a bigger-than-expected 25% drop in annual profit as the trade war between China and the United States hurt aluminum prices, sending its shares lower by as much as 5.8% on Thursday. South32 also said it was in talks to sell its South Africa thermal coal business to Johannesburg-based Seriti […]
Press Release
IEEFA finance director says it is “good for the fund and the planet.”
NEW YORK, April 5, 2019 (IEEFA) — Norway’s decision today to allow the Government Pension Fund Global (GPFG) to invest in unlisted renewable energy infrastructure represents a significant step by the world’s largest (US$ 1 trillion) pension fund, according to the Institute for Energy Economics and Financial Analysis (IEEFA). The policy change will be presented for […]
IEEFA
Bloomberg: Norway plans to tighten restrictions on coal investments for its $1 trillion sovereign wealth fund while opening it up for renewable-energy infrastructure assets. The government proposes to expand its coal ban by adding absolute caps on production of thermal coal, or its use in power generation, which would target big companies such as Glencore […]
IEEFA
Reuters: Sovereign wealth funds from oil-rich countries in the Middle East are moving to diversify into renewable energy, pushed by regulators and pledges on climate change, but are stopping short of following Norway in shedding some oil and gas investments. Total sovereign wealth fund investments within the oil and gas industry have dwarfed those within […]
IEEFA
Livemint: The decision of the world’s largest sovereign wealth fund to stop investing in oil and gas explorers globally may affect Indian companies, such as Reliance Industries Ltd, Oil and Natural Gas Corp. Ltd, Indian Oil Corp. Ltd (IOC) and Oil India Ltd, where the $1 trillion fund has made investments. The decision of Norway’s […]
IEEFA
Bloomberg: Royal Dutch Shell Plc plans to become the world’s biggest power company within 15 years, a move that suggests it sees climate change as a bigger threat to its business than electricity’s historically weak returns. The world’s No. 2 oil explorer by market value is spending as much as $2 billion a year on […]
IEEFA
Financial Times ($): Norway’s sovereign wealth fund may have spared the majors when announcing it was pulling investments from a host of oil and gas producers, but the move will still reverberate in the boardrooms of energy heavyweights like BP and ExxonMobil. With $1tn under management, the Norwegian oil fund is the world’s biggest sovereign […]
IEEFA update: Norway’s GPFG sovereign fund to invest up to $14bn in unlisted renewables
IEEFA finance director says it is “good for the fund and the planet.”NEW YORK, April 5, 2019 (IEEFA) — Norway’s decision today to allow the Government Pension Fund Global (GPFG) to invest in unlisted renewable energy infrastructure represents a significant step by the world’s largest (US$ 1 trillion) pension fund, according to the Institute for Energy Economics and Financial Analysis (IEEFA). The policy change will be presented for […]