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Oil giants may not share coal's fate despite Norwegian fund's exit

Petroleum companies see natural gas as a cleaner alternative to coal for power generation

Reuters  |  London 

The Norwegian sovereign wealth fund's proposal to ditch its oil and gas shares, though hugely symbolic in the battle against climate change, is unlikely to cause a rush to the exit by major investors in the sector in the short term. The move by the $1 trillion fund, the world's largest, rattled stock markets, exposing what is seen as one of the biggest threats to companies such as Royal Dutch Shell, Exxon Mobil and BP as the world shifts towards renewable energy such as wind and solar. But in the meantime, expectations of growing global demand for oil and gas for decades ...

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First Published: Sat, November 18 2017. 15:03 IST