The Norwegian Pension Fund, the world’s largest reserve fund, stopped believing in oil and abandoned assets of companies involved in exploration and extraction of raw materials. This was a big step towards greening the investment giant.

The Pension Fund began to abandon oil and gas three years ago. Then the main goal was to diversify assets and make Norway, which is one of the key suppliers of gas in the world and a major player in the oil market, less dependent on the oil and gas sector.

The current decision to completely abandon investments in companies from this industry is also associated with financial losses. By the end of 2020, oil and gas companies, which are included in the portfolio of the Norwegian Reserve Fund, brought him a wastage of $10 billion.