GPFG divests fossil fuels, buys into Beach

NORWAY's Government Pension Fund Global, the world's richest sovereign wealth fund, increased its stake in major oil and gas companies to $A40 billion last year – including Beach Energy, where it has just popped up as a substantial shareholder with 5.01% – but the fund is distancing itself from coal and oil sands.

The GPFG divested 32 coal mining companies and two tar sands concerns last year due to concerns that action on global warming would cut their value.

The fund is now worth an estimated $10.


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