November 16, 2017

350.org responds to Norway’s sovereign wealth fund scrutinising oil and gas investments

In response to the Norwegian sovereign wealth fund’s proposal to ditch billions in stocks in oil and gas companies, Nicolò Wojewoda, 350.org Europe Team Leader says:

“The fact that one of the world’s biggest sovereign wealth funds of a country that has built its wealth on oil is looking at turning its back on coal, oil and gas companies is a major milestone for the divestment movement and yet another nail in the coffin of the coal, oil and gas industry. To stop climate catastrophe, fossil fuels need to stay in the ground. Investing in them is no longer financially sound, nor morally acceptable, and this proposal is a clear recognition of that.”

350.org co-founder Bill McKibben adds:

“This is astonishing — as astonishing as the moment when the Rockefellers divested the world’s oldest oil fortune. This is the biggest pile of money on the planet, most of it derived from oil — but that hasn’t blinded its owners to the realities of the world we now inhabit.”

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Contact: Melanie Mattauch, 350.org Europe Communications Coordinator, [email protected], +49 151 5812 0184