Norway's Oil Sell-Off Plan Is 'Shot Heard Around the World'



Norway's Oil Sell-Off Plan Is 'Shot Heard Around the World'
Norway's proposal to sell off $35B in oil and natural gas stocks brings sudden and unparalleled heft to a once-grassroots movement to enlist investors in the fight against climate change.

“We are taking about years rather than months or quarters,” he said. “This has nothing to do with the environment. It is purely a financial debate.”

That’s true, Lubber said. But the debate, she said, underscores that climate change has made fossil fuels increasingly risky investments -- even in the eyes of a petroleum giant like Norway.

“It’s an enormously important statement,” Lubber said. “Once one major player does it, others will follow.”

With assistance from Jessica Shankleman, Javier Blas and Sveinung Sleire. To contact the reporters on this story: Joe Ryan in New York at jryan173@bloomberg.net; Anna Hirtenstein in London at ahirtenstein@bloomberg.net. To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Will Wade, Jim Efstathiou Jr.


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