should i look at a company like petrochina?know that we can't look at it the same way as you would other companies because the decision in mighte capex not be the best choice? dr. beveridge: wenzhou return on capital is 4%, your cost of 10%, generally, you should be giving cash back to shareholders rather than reinvesting it. the question you're asking is, what is the incremental return on those new investments? again, there is nothing wrong with spending capital per se if it is a good return on investment. what petrochina is pushing towards is trying to get higher returns in upstream gus prices. gas prices are already at the highest in the world in china. the question is, what are the costs to drill these wells? they have to start getting the return profiles higher. yvonne: real quickly, before the earnings season, which company are you looking most forward to? dr. beveridge: i think his company, on the basis of spending, ipital think some of the service companies will start to benefit from that. this company will also deliver

the top five are petrochina, exxonmobile, bp, sinopec, and royal dutch shell.nvestors used to love fossil-fuels as a way to make lots of money. but now many are frightened of holding stranded assets. investment is turning into divestment. investors s are reversing cour, shedding stocks and bonds in coal, gas, and other climate-killers. norway is taking it very seriously. its sovereign wealth fund is pursuing a program of divestment. how well is it working? reporter: norway's sovereign wealth fund has assets of nine trillion norwegian kroner. that's roughly a trillion euros. it's known as the oil fund. it invests worldwide, and is run by the centrtral bank. it w s set up 199990 d is n n the m of theund is tensureinthe. respsiblble nagement of vevenue om theheountryry oil and s resours for th benet of current anduturure generations. so what do resespoible management mean? the fund's investments have become a topic of heated debate. the norwegian parliament has barred i it from ownining stakn a range e of arms, tobobacco,d fossil-fuel firms. it hasadad to sell hol