STOCKHOLM: The foundation that finances and organises the Nobel Prizes announced on Tuesday that it had sold off its oil sector assets, after also withdrawing from the coal industry.

“Since several of our prizes are for science, it’s natural to rely on science when it comes to climate change and sustainability,” Vidar Helgesen, the new head of the Stockholm-based foundation, said.

According to the former Norwegian environment minister, the fund had sold off some 350 million Swedish kronor ($40 million, 34 million euros) of assets placed in a fund that did not have strong enough restrictions on oil.

Helgesen explained that as the foundation is not an active investor, it does not make direct investments in companies and instead relies on funds and fund managers to place their capital, but they still have requirements for what type of investments should be avoided.

Helgesen added that it is important that Nobel laureates know where their prize money comes from.

Published in Dawn, July 21st, 2021