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February 1, 2023: On Tuesday, Norway’s sovereign wealth fund reported a record loss of 1.64 trillion Norwegian kroner for 2022, noting “very unusual” business conditions.
The administration Pension Fund Global is among the world’s largest investors, coming back -14.1% in the previous year, which stated that it was 0.88 percentage points better than the return on its benchmark index.
“The market was affected by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity and bond markets simultaneously, which is unusual,” Norges Bank Investment Management CEO Nicolai Tangen expressed in a statement.
“All the sectors in the market had negative returns except energy,” Tangen said.
The fund’s biggest loss was 633 billion kroner in 2008 amid the internet financial crisis.
The $1.3 trillion fund was started in the 1990s to invest in the surplus revenues of Norway’s oil and gas sector. The fund has also invested in more than 9,300 firms in 70 countries worldwide.
Norway’s vast North Sea oil and gas resources are the bedrock of the fund’s wealth. Indeed, the country’s zooming fossil fuel revenues amid Russia’s war in Ukraine have prompted a vigorous debate about international justice.
Opposition lawmakers, prominent politicians in Norway, and the titans of the country’s industry have called on the administration to set an example to the world, which pumps its bumper petroleum profits into a new international solidarity fund.
Norway’s Foreign Ministry has stated that it is completely aware of the responsibility that comes with its energy resources.
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