Another big step has been taken to end the hydrocarbon era, if the decision by Norway’s sovereign wealth fund to dump oil stocks and investments is a sign on the wall. After the news broke, “fossil free” NGOs and others declared the Norwegian SWF Government Pension Fund (or “Oil Fund”) decision to divest as a major victory for the Green Movement. Norway’s official reaction is, however, that the pension fund has chosen to divest its oil and gas related stocks the coming years due to financial considerations. No links have been made to environmental or climate change issues in the decision making process. Still, there are signals that oil companies are facing a steep uphill battle, if the Norwegian decision is translated into policy in the next couple of months. Norway’s “Oil Fund”, holding assets of around $1 trillion worldwide, is seen by institutional investors as a beacon. Still, […]