After a record year, Norway’s giant oil fund pledges to push sustainable energy

By MARK LEWIS
Associated Press

STAVANGER, Norway (AP) — The manager of the world’s largest sovereign wealth fund is pledging to push major oil and gas companies to speed up preparations for the “inescapable” transition away from fossil fuels. Norway’s Government Pension Fund Global on Tuesday reported the largest annual return in its history, a performance led by U.S. technology companies and Danish pharmaceutical company Novo Nordisk, which makes the diabetes-turned-weight loss drug Ozempic. The fund invests Norway’s profits from oil and gas, and owns large stakes in Exxon Mobil, Chevron, TotalEnergies, Shell and BP. It has used the assets to lobby for a speedier transition to sustainable energy and voting for more carbon reduction targets.