Government Pension Fund
The Government Pension Fund of Norway, or Statens Pensjonsfond as it is known by Norwegians, is also known as the Norwegian Sovereign Wealth Fund in the rest of the world. It was established by the wisdom of the Norwegian government when oil was discovered in the North Sea within the territorial waters of Norway.
Rather than squander resource and the one-time economic gift on current infrastructure debt repayment, or other transient issues, the Stortinget (Norwegian parliament) opted to invest its profits into a plan to create a pension in perpetuity for all Norwegian citizens.
The Fund has since grown into the largest sovereign wealth fund in the world, with assets totaling over 5.5 trillion Norwegian Kroners (NOK), or $857 billion (USD) in September, 2014. It is said to own 1% of the global equities markets, and almost 2% of all European stocks. It’s influence is huge. This is why the potential divestment of the Fund from fossil fuel and other carbon intensive stocks, and the reinvestment in an assorment of renewable energy stocks, energy conservation technologies, etc. is such a momentus prospect.
Divestment of The Fund is an important goal in the quest to achieve the zero carbon world that the IPCC and all other credible scientific bodies say is required to avoid catastrophic climate change and the collapse of civilization.
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