Norway’s $1.4 trillion wealth fund takes aim at oil companies
Al Jazeera
A government-commissioned paper on Friday proposed having climate risk underpin investment decisions across the fund.
The sovereign wealth fund of Norway, which manages $1.4 trillion in assets, said there are oil companies in its portfolio that “absolutely” aren’t doing enough to cut emissions, as the guidelines under which it operates are reviewed, potentially giving the investor more scope to act. Norges Bank Investment Management still holds stakes in a number of fossil-fuel giants, including Exxon Mobil Corp., Chevron Corp. and BP Plc., after failing to win political approval to dump its entire portfolio of oil stocks a few years back. “These are companies we monitor very, very closely with a view to the climate and emissions,” Carine Smith Ihenacho, chief corporate governance officer at the Oslo-based fund, said in an interview.More Related News