Climate Crusaders Are Wrong About Norway’s Oil Divestment Proposal
CDN – http://www.conservativedailynews.com
By Michael Bastasch -
Climate crusaders celebrating Norway’s proposal to divest its sovereign wealth fund from oil and gas stocks should pause before popping the carbon-neutral champagne.
In fact, the proposed divestment is limited to only include companies solely involved in oil and gas exploration, not integrated majors like BP, Exxon and Equinor, Norway’s state-owned oil giant. Norway’s proposal would affect about $40 billion in holdings out of a $1 trillion fund.
Also, Norway’s government said Friday the decision was to “reduce the vulnerability of our commonwealth to a permanent oil price decline,” and not environmental considerations. Basically, the country doesn’t want to hold too many oil and gas stocks should the price tank like it did in 2014.
Environmental activists are spinning this as a victory in their war against fossil fuels. Activists said it shattered the “illusion” that fossil fuels would continue to be used for decades, despite global warming.
Huge huge huge win–Norwegian govt (an oil state) is recommending that the world’s largest sovereign wealth fund Fully Divest From All Fossil Fuel. Financial Times: “this will send shockwaves through the energy sector.”https://t.co/PbVWPWOZrE
— Bill McKibben (@billmckibben) March 8, 2019
Bill McKibben founded 350.org, an anti-fossil fuel environmental group that pushes for divestment. The group claims more than 1,000 organizations, companies and nonprofits pledged to divest from fossil fuels, collectively worth more than $8 trillion.
BIG NEWS: Today, Norway recommended the Norwegian Sovereign Wealth Fund, worth $1 trillion, to divest more than $7.5 billion of holdings from upstream oil and gas industries. https://t.co/MT21RJIGUy pic.twitter.com/8y1DiBKSUp
— 350 dot org (@350) March 8, 2019
350.org includes Norway’s sovereign wealth fund on its divestment list, but the country is not divesting from fossil fuels as McKibben claimed. McKibben and 350.org rose to prominence over their opposition to the Keystone XL oil pipeline.
Norway is trying to insulate itself from price volatility — the country is heavily reliant on petroleum exports and oil revenues. Norway’s sovereign wealth fund is the largest in the world, funded through oil and gas revenues.
“The oil business will be a major and important industry in Norway for many years to come,” said Norwegian Finance Minister Siv Jensen, according to The Financial Times.
Jensen did, however, say Norway was looking to capitalize on expected growth in renewable energy. Paradoxically, Jensen suggested the growth in renewables, mainly wind and solar, would be driven by oil major, like BP.
“Everything indicates that almost the entire growth in listed infrastructure for renewable energy over the next 10 years will be driven by companies that do not have renewable energy as their main activity. It is a growth the fund should be able to take part in,” Jensen said.
Norwegian lawmakers will vote on the proposal to divest from oil and gas companies later this year.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]
Climate Crusaders Are Wrong About Norway’s Oil Divestment Proposal is original content from Conservative Daily News – Where Americans go for news, current events and commentary they can trust – Conservative News Website for U.S. News, Political Cartoons and more.
CDN – http://www.conservativedailynews.com
Source: https://www.conservativedailynews.com/2019/03/climate-crusaders-are-wrong-about-norways-oil-divestment-proposal/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).