Norwegian Sovereign Wealth Fund Sheds Billions Amid Fossil Fuel Avoidance

  • Investment funds that subscribe to the environmental, social, and corporate governance movement, also known as ESG, have suffered heavy losses over the past year.
  • Harvard Management Company, which manages the elite university’s endowment, recently admitted that its $2.3 billion loss was attributable to fossil fuel divestment efforts, even though the organization remains “proud to be deeply engaged in the issue of sustainability.”
  • Critics of the ESG movement assert that the strategy seeks outcomes in political and social causes, such as reducing carbon emissions and achieving racial diversity, in a manner that compromises the maximization of profits.


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