Norway’s $1 trillion sovereign wealth fund is set to stop investing in companies at the exploration and production (E&P) sharp end of the oil and gas industry, but the world’s fossil giants and the future wealth-creating potential of their “significant renewable energy operations” are off the hook under recommendations from the nation’s Finance Ministry.

The ministry on Friday published its plans for future energy investments by the Government Pension Fund Global (GPFG), the world’s largest sovereign wealth fund built on the proceeds of Norway’s vast oil and gas income.