Back in March of last year, I posted about rumors that Norway's sovereign wealth fund (which just happens to be the largest in the world) was reviewing its investments in fossil fuels.
As I noted at the time, this was major news for the fossil fuel divestment movement.
Norway, after all, built its wealth on oil and gas. The country's headlong dive into promoting an electric vehicle market had already sent signals about which way it sees the future of energy going. But voting with your dollars (or kroner) is about as unambiguous as it gets when it comes to national politics.The latest news out of Oslo builds on this narrative, even though Norwegians stopped short of ditching all fossil fuel investments entirely. As reported over at The Guardian, Norway's sovereign wealth fund has dumped 32 coal mining companies, in addition to other businesses including tar sands producers, cement manufacturers and others whose operations contribute disproportionately to climate change and environmental degradation.
We don't know how much money this investment shift represents. Nor do we know the names of the companies being given the Nordic cold shoulder. But we do know that this will massively raise the profile of the divestment movement, and further give credence to the threat of a "carbon bubble"—meaning investments in fossil fuels that could never be burned if we are to seriously fight climate change.
With the Governor of the Bank of England calling most fossil fuels "unburnable", the Rockefellers moving (some of) their money away from oil, and even coal executives suggesting that their industry is toast, we should all be asking our governments and financial institutions to look hard at where our money is invested.
This is not "just" about saving the climate or protecting our kids' future anymore. It's about protecting our pensions too.
Maybe finally people will take note.