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Norway’s $2.2T Fund Accused of Backing Big Oil
The world’s biggest sovereign wealth fund, Norway’s $2.2-trillion Government Pension Fund Global, has dropped its active voting engagement on climate issues at the biggest oil firms in which it has stakes, a climate group said in a report on Tuesday. The Government Pension Fund Global (GPFG), which is commonly referred to as ‘Norway’s oil fund’ because it was created with oil and gas revenues, is a shareholder in many large companies in the world, including Big Oil. The Norwegian fund was created in the 1990s and today it holds on average 1.5%…