When looking at the Oilfund in isolation, it’s well manages in regards to risks of exposure towards fossil fuels. However since Norway is an oil-nation, with large governmental ownerships in oil and gas companies, the report finds that Norway is overexposed towards fossils. 10 percent of the state’s stock ownership is in petroleum companies, while petroleum stocks only adds up to 5 percent of the entire global stock market. The report concludes that the Oilfund should be divested from oil and gas stocks.
– This report confirms what’s become more and more evident: Norway ownes too much oil and gas. It’s time for the politicians to act, and stop the double ownership Norway has in polluting oil and gas. The best thing to is to finish the job of making the Oilfund fossil free, says Truls Gulowsen, head in Greenpeace Norway.