Norway’s $1 trillion sovereign wealth fund is considering a divestment of holdings in international petroleum companies, a sign that even Europe’s dominant producer does not have full confidence in oil’s future.

The recommendation on Thursday by the Norwegian Central Bank, which manages the fund, is potentially the biggest advance yet for a global fossil-fuel divestment campaign that has been promoted on college campuses and by environmental activists.

It could also be a setback for the proposed initial public offering of the Saudi national oil company, known as Aramco, since the Norwegian sovereign wealth fund, the world’s largest, would be a potentially large investor. The public offering depends on high oil prices, while the move by the Norwegian bank suggested uncertainty about the future demand for oil.

“It’s very significant symbolically because it sends a signal that even the people who make money from oil and gas are coming up with divestment plans,” said Michael Webber, deputy director of the Energy Institute at the University of Texas at Austin. “The Norwegian view is that oil has had a good run and will have a good run for a couple of decades but it’s not the only future that is out there.”