The world's largest sovereign wealth fund, which manages $1tn (770bn) of Norway's assets, is to dump investments in firms that explore for oil and gas, but will still hold stakes in firms such as BP and Shell that have renewable energy divisions. The Government Pension Fund Global (GPFG), whose assets exceed those of rival sovereign wealth funds ... said it would phase out oil exploration from its investment universe". "The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline," said Norway's finance minister, Siv Jensen. "Hence, it is more accurate to sell companies which explore and produce oil and gas, rather than selling a broadly diversified energy sector." Greenpeace UK's oil campaigner, Charlie Kronick, said: "This partial divestment from oil and gas [sends] a clear signal that companies betting on the expansion of their oil and gas businesses present an unacceptable risk, not only to the climate but also to investors. "While BP and Shell are excluded from the current divestment proposal, they must now recognise that if they continue to spend billions chasing new fossil fuels, they are doomed." Tom Sanzillo, director of finance for the Institute for Energy Economics and Financial Analysis, said: "These are very important statements from a big fund. They're doing it because fossil fuel stocks are not producing the value that they have historically. He said GPFG's investment strategy also "underscores that the fracking business model is unsustainable".