Oil Fund Lost NOK 10 Billion due to Ethical Considerations

The loss as a result of giving up tobacco shares of the Fund from August 2005 to November 2011 is estimated to be NOK 9.6 billion, according to Norges Bank. 

During 2011, the value of the entire equity portfolio of the Fund decreased by 8.8 percent. In the same year, environment shares fell by 22.8 percent. The fund increased in the following year. The value of all the Fund’s equity portfolio increased by 18 per cent. For environmental investments in isolation, the increase was 9 percent. 

Government’s two supporting parties Liberals and Christian Democrats are now cooperating with Labor Party to exclude coal companies out of the Fund’s investment portfolio. But FrP warns that it can be expensive. 

The fund will present its annual report for last year on Friday. In April, the government will make its annual report on the Fund’s activities.

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