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No, Norway Isn't Turning Away from Fossil Fuels

There was widespread excitement last week on the news that Norway’s $1 trillion sovereign wealth fund has announced an intention to sell off its oil and gas holdings. This amounts to about 6 percent of the fund’s stockholdings, about $37 billion. Environmental activists, in particular, are delighted and expect this to trigger a broader sell-off in fossil fuels. They should hold the champagne. The wealth fund's decision to divest oil and gas assets was more about diversification than environmentalism.