Norway’s sovereign wealth fund, the largest in the world, is set to increase its exposure to renewable energy.
Norway’s Prime Minister, Erna Solberg has confirmed measures to increase the fund’s investment in clean energy as part of a new plan to use its wealth to combat climate change. Due to the size of the pension fund, the move has the potential to have a global impact.
The influential fund currently has around 9% of its investment in the coal, oil and gas industries, as well as owning approximately 1% of the world’s stocks.
Further details of the move will be outlined next month.