Norway's massive sovereign wealth fund may soon rip up to $3.7 billion out of Australian fossil fuel companies after the Norwegian Parliament passed a tightened set of ethical investment rules.
The laws were adopted late on Tuesday night and mandated Norges Bank to divest the equivalent of $17.3 billion from its Government Pension Fund Global portfolio, which is better known as the "Oil Fund".
While this amount is just a small portion of the trillions of dollars that the fund manages, it captures 11 high-profile Australian companies, according to a Norwegian government website.
BHP Group, Santos and Oil Search are the most valuable. Norges owns 0.8 per cent of BHP's ASX shares and 3.06 per cent of those listed on the London Stock Exchange; the fund owns 1.16 per cent and 1.15 per cent of Oil Search and Santos respectively.
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