As of last year, close to one thousand institutions with three per cent of global savings under management have engaged in some form of divestment from fossil fuels.
In June 2019, Norway’s parliament unanimously voted in favour of directing its $1.06 trillion Government Pension Global Fund (GPGF), the Norges Bank, to divest more than $13 billion from fossil fuels while dedicating more investments to clean technologies.
The caveat is that this will apply only to companies that are exclusively in the business of upstream oil and gas production and some coal sector investments. The GPGF is Norway’s sovereign fund derived from oil industry revenues to assure Norway has a steady source of revenues in the post-oil world.
Shell has expressed concern that the growing fossil fuel divestment movement could impact on the company’s performance.