Jan 30, 2024
By Jeremy Logan
The manager of the world’s biggest sovereign wealth fund is vowing to pressure major oil and gas companies to speed up preparations for the “inescapable” transition away from fossil fuels.
On Tuesday, Norway’s Government Pension Fund Global reported the largest annual return in its history, a performance led by Danish pharmaceutical company Novo Nordisk, which makes the diabetes-turned-weight loss drug Ozempic, and U.S. technology companies.
The fund manages Norway’s profits from oil and gas, and owns considerable stakes in Shell, BP, Exxon Mobil, Chevron and TotalEnergies.
The fund has utilized the assets to lobby for a faster transition to sustainable energy and voting for more carbon reduction targets.