Indonesian activists protesting the Cirebon Coal Power Plant in Indonesia. The Oil Fund is linked to the expansion of this coal fired power plant © Afriadi Hikmal / Greenpeace

The Norwegian Oil Fund

In 2023 The Nordic Center for Sustainable Finance published a report on The Norwegian Oil Fund and its continued backing of the coal industry.

Using data from Urgewald, the report uncovers that despite the Norwegian Oil Fund stating it has sold out of coal and Norway’s repeated promises that the Fund will be an international climate leader, the fund still has tens of billions of Norwegian Kroner invested in the coal industry.     

Despite Norway being a small country, its Oil Fund, which is built on the country’s petroleum revenues, is one of the largest institutional investors in the world, and the world’s biggest Sovereign Wealth Fund. On average it holds 1.5% of all the listed companies in the world. This makes the Oil Fund the most significant financial institution in the Nordic region. If it were to divest from fossil fuels this would make waves all over the global financial sector.    


NORWAY’S COAL SECRET

April 2023

This reports uncovers that despite the Norwegian Oil Fund stating it has sold out of coal and despite Norway’s repeated promises that the Fund will be an international climate leader, the fund still has tens of billions of Norwegian Kroner (NOK) invested in the industry.