{"id":1830365,"date":"2023-01-31T12:20:03","date_gmt":"2023-01-31T17:20:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1830365"},"modified":"2023-01-31T12:20:31","modified_gmt":"2023-01-31T17:20:31","slug":"norwegian-sovereign-wealth-fund-sheds-billions-amid-fossil-fuel-avoidance","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/norwegian-sovereign-wealth-fund-sheds-billions-amid-fossil-fuel-avoidance\/","title":{"rendered":"Norwegian Sovereign Wealth Fund Sheds Billions Amid Fossil Fuel Avoidance"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnorwegian-sovereign-wealth-fund-sheds-billions-amid-fossil-fuel-avoidance%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1830365&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>One of two sovereign wealth <a href=\"http:\/\/dailywire.com\/topic\/stock-market\" target=\"_blank\" rel=\"noopener\">Funds<\/a> Operated by <a href=\"https:\/\/www.dailywire.com\/topic\/norway\" target=\"_blank\" rel=\"noopener\">Norway<\/a> The entity was forced to divest from certain entities, resulting in losses <a href=\"http:\/\/dailywire.com\/topic\/climate-change\" target=\"_blank\" rel=\"noopener\">Energy<\/a> Companies miss the opportunity to make huge returns on the sector.<\/p>\n<p>The Government Pension Fund Global is which <a href=\"https:\/\/www.nbim.no\/\" target=\"_blank\" rel=\"noopener\">Manages<\/a> Assets totalling more than $1.3 Trillion were reported as a loss last year of $163Billion, representing 14.1% of the overall fund. Performance was slightly below the 12.8% drop in the STOXX 600 Index. This index tracks major European companies.<\/p>\n<p>\u201cThe market was impacted by war in Europe, high inflation, and rising interest rates,\u201d Nicolai Tangen, CEO of Norges Bank Investment Management said in a <a href=\"https:\/\/www.nbim.no\/en\/the-fund\/news-list\/2023\/negative-returns-in-a-challenging-year\/\" target=\"_blank\" rel=\"noopener\">Statement<\/a>. \u201cThis negatively impacted both the equity market and bond market at the same time, which is very unusual. All the sectors in the equity market had negative returns, with the exception of energy.\u201d<\/p>\n<p>The Norwegian Parliament has been able to withstand the huge returns in the energy sector. <a href=\"https:\/\/www.nbim.no\/en\/the-fund\/responsible-investment\/\" target=\"_blank\" rel=\"noopener\">Decent<\/a> That \u201cthe fund should not be invested in companies that contribute to violations of fundamental ethical norms,\u201d These include those that \u201cbase their operations on coal.\u201d The Norwegian Ministry of Finance also has ethics guidelines <a href=\"https:\/\/www.nbim.no\/en\/the-fund\/responsible-investment\/divestments\/\" target=\"_blank\" rel=\"noopener\">Guidelines<\/a> for the fund\u2019s investments such that managers cannot devote money toward companies that \u201cdo not conform to prevailing technological, regulatory or environmental trends\u201d Or impose \u201csubstantial costs on other companies and society as a whole.\u201d<\/p>\n<p>The Government Pension Fund Global has not been established. <a href=\"https:\/\/www.regjeringen.no\/en\/historical-archive\/solbergs-government\/Ministries\/fin\/press-releases\/2019\/excludes-exploration-and-production-companies-from-the-government-pension-fund-global\/id2631707\/\" target=\"_blank\" rel=\"noopener\">permitted<\/a> Although managers are allowed to allocate funds to companies that produce or explore petroleum, they may not be able to invest in those that refine the fuel. The fund includes, among other entities, <a href=\"https:\/\/www.nbim.no\/en\/the-fund\/responsible-investment\/exclusion-of-companies\/\" target=\"_blank\" rel=\"noopener\">Barred<\/a> The fund recommends investing in Imperial Oil, Canada&#8217;s second-largest oil producer. Even though Imperial Oil believes it produces, the fund is not convinced. \u201cunacceptable greenhouse gas emissions,\u201d Over the past year, the stock market returned 27.4% for the company.<\/p>\n<p>Funds that subscribe to the ESG (environmental, social and corporate governance) movement have suffered. <a href=\"https:\/\/www.dailywire.com\/news\/virtue-signaling-isnt-free-how-woke-investing-fell-apart-once-the-economy-got-bad\" target=\"_blank\" rel=\"noopener\">Heavy losses<\/a> The past year. Harvard Management Company, which manages the elite university\u2019s endowment, recently <a href=\"https:\/\/www.dailywire.com\/news\/harvard-university-endowment-loses-2-3-billion\" target=\"_blank\" rel=\"noopener\">admitted<\/a> Even though the company is still around, its $2.3 Billion loss can be attributed to fossil fuel divestment initiatives. \u201cproud to be deeply engaged in the issue of sustainability.\u201d<\/p>\n<p>ESG critics claim that the strategy seeks to achieve outcomes in politics and social causes such as reducing carbon emission and increasing racial diversity in a way that compromises the maximization and profit.<\/p>\n<p>Trump&#8217;s Government Regulators <a href=\"https:\/\/www.dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">Barred<\/a> American pension funds are available from \u201cselecting investments based on non-pecuniary considerations\u201d These were necessary for their safety. \u201cbase investment decisions on financial factors\u201d alone. To protect the economy, however, the Biden administration is trying to reverse the prohibition. \u201cclimate-related financial risk that may threaten the life savings and pensions of America\u2019s workers and families.\u201d<\/p>\n<p>Norway\u2019s Government Pension Fund Global was established in 1990 to invest surplus revenues from the country\u2019s oil sector. Arne Jon isachsen, Norwegian economist, and Thorvaldur Gylfason from Iceland were recently interviewed for an article. <a href=\"https:\/\/www.imf.org\/en\/Publications\/fandd\/issues\/2022\/12\/POV-putting-oil-profits-to-global-benefit-isachsen-gylfason\" target=\"_blank\" rel=\"noopener\">Article<\/a> Norway for the International Monetary Fund \u201cought to quit pocketing its oil profits and start giving the money to countries that need help meeting their Paris Agreement climate change goals.\u201d<\/p>\n<p>\u201cIf Norway\u2018s future oil and gas revenues can help the global green shift, there would be good reason to continue pumping from the Norwegian shelf,\u201d they wrote. \u201cIn this scenario, Norway\u2019s extraction of fossil fuels would become fundamentally different from that of other countries.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the two sovereign wealth funds operated by Norway saw losses as the entity divested from certain energy companies, missing the chance to earn outsized returns in the sector. The Government Pension Fund Global, which manages more than $1.3 trillion in assets, reported a loss of $163 billion last year, constituting 14.1% of the &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1830368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[17125,11154,13153,6783,4338,8734,17124,17126,7511],"class_list":["post-1830365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-avoidance","tag-billions","tag-fossil","tag-fuel","tag-fund","tag-norwegian","tag-sheds","tag-sovereign","tag-wealth"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1830365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1830365"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1830365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1830368"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1830365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1830365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1830365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}