ADIA, other oil-rich sovereign funds explore renewable energy

Sovereign wealth funds from oil-rich countries in the Middle East are moving to diversify into renewable energy, pushed by regulators and pledges on climate change, but are stopping short of following Norway in shedding some oil and gas investments. Total sovereign wealth fund investments within the oil and gas industry have dwarfed those within renewable energy in the past decade. But data on private equity investments with sovereign wealth fund participation suggests this balance might be shifting. In 2018, $6.36 billion went into hydrocarbons, compared to $5.81 billion in renewable energy, one of the narrowest margins in the past decade, according to PitchBook, a data and research firm.