World’s largest sovereign wealth fund was created to invest North Sea oil profits

The world’s largest sovereign wealth fund, which manages $1tn (£770bn) of Norway’s assets, is to dump investments in firms that explore for oil and gas, but will still hold stakes in firms such as BP and Shell that have renewable energy divisions.

The Government Pension Fund Global (GPFG), whose assets exceed those of rival sovereign wealth funds such as China’s, said it would phase out oil exploration from its “investment universe”.

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