The Church of Norway has decided that it will move its investments out of fossil energy, the newspaper Vårt Land reports. The goal is for the Church’s investment portfolio to be completely fossil-free by 2023.

At the Church Council meeting on Friday, it was decided that the Church would begin a gradual phasing out. It aims to be fossil-free by 2023, and no later than the end of the following year, Vårt Land reports.

At the same time, the Church of Norway writes that exceptions can be made for companies that are in a “transition phase to renewable energy that are actually moving in the right direction.”

The Norwegian Church had invested NOK 3 million in fossil energy in 2021, fund investments from this year show, according to Vårt Land. 

The money was invested in funds with shares in Aker BP, Equinor, Subsea 7, Aker, and Northern Rig Holding.

In total, the Church of Norway has invested NOK 264 million in various funds.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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