This report examines the role of the Norwegian Sovereign Wealth Fund—commonly known as “the Oil Fund”—in financing oil and gas developers through bonds, a key funding source for these companies. Bonds function like loans: companies borrow money from investors by selling bonds, pay regular interest to the investors, and repay the original amount to the investors at the bond’s end date. The analysis is based on financial data provided by Norges Bank Investment Management (NBIM), the entity managing the Oil Fund, and screened against Urgewald’s Global Oil and Gas Exit List (GOGEL).

About the Nordic Center for Sustainable Finance: The Nordic Center for Sustainable Finance works to phase out all financing of fossil fuels from the Nordic countries. We focus on Nordic banks, pension funds and public finance, and uncover and expose investments in fossil fuels. The Nordic Center for Sustainable Finance is part of ActionAid Denmark (Mellemfolkeligt Samvirke).

About Reclaim Finance: Reclaim Finance is an NGO affiliated with Friends of the Earth France. It was founded in 2020 and is 100% dedicated to issues linking finance with social and climate justice. In the context of the climate emergency and biodiversity losses, one of Reclaim Finance’s priorities is to accelerate the decarbonization of financial flows. Reclaim Finance exposes the climate impacts of financial players, denounces the most harmful practices, and puts its expertise at the service of public authorities and financial stakeholders who desire to bend existing practices to ecological imperatives.

Co-publishers: The Norwegian Forum for Development and Environment (ForUM), Future in Our Hands, Spire, Oil Change International