Norway's $2.2 Trillion Wealth Fund Accused of Siding with Big Oil on Climate Iss

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.