• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 22 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 12 days Does Toyota Know Something That We Don’t?
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 22 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Norway’s $70B Pension Fund Blacklists Dozens of Gulf Companies

Norway’s largest pensions manager, KLP, has blacklisted a dozen Gulf companies listed in Saudi Arabia, the United Arab Emirates, Qatar and Kuwait on concerns they may facilitate human rights violations and also divested from Saudi Aramco due to climate risks, Bloomberg reports. 

KLP, which oversees $70 billion in global investments, has excluded companies in the real estate sector on claims that migrant workers from Africa and Asia have faced human rights violations and discrimination and has also targeted the telecommunications sector on grounds that the development of artificial intelligence (AI) increases the risk of surveillance and censorship in the region.

Gulf states remain characterized by authoritarian systems of government that restrict freedom of expression and political rights, including of critics and human rights activists,” Kiran Aziz, KLP’s head of responsible investment, has said in a statement.

Norway is one of the most controversial countries in Europe when it comes to energy policy. 

On one hand, the Nordic country boasts one of the most advanced oil and gas industries in the world, a role it has fully embraced in recent years by becoming the largest exporter of natural gas to Europe following Russia’s invasion of Ukraine. On the other hand, Norway boasts some impressive ESG stats, with nearly 90% of all new vehicles sold in the country in 2022 being electric.

And, Norway’s financial institutions don’t seem to shy away from flexing their ESG muscle: back in May, Norway’s giant sovereign wealth fund lent its support to ExxonMobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX) shareholders in their bid to introduce emissions targets. Norway's wealth fund is the largest in the world, with ~$1.4 trillion in assets. It’s also a major backer of oil and gas with $37 billion, or 5.9 percent of its total equity investments, invested in fossil fuel interests. The fund owns the sixth-largest stake in Exxon. However, earlier in the year, the wealth fund took large chunks of profits in oil and gas after a big runup in energy prices, effectively reducing its stakes.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News