NORWAY'S WEALTH FUND FALLS SHORT ON CLIMATE AMBITIONS

A non-governmental organization announced on Monday that Norway's $1.6 trillion sovereign wealth fund, the world's largest, is not meeting its climate ambitions by failing to support multiple shareholder proposals urging oil companies to reduce their greenhouse gas emissions.

The fund, which collects revenues from Norway's oil and gas production, aims for the 9,000 companies it invests in globally to achieve net-zero greenhouse gas emissions by 2050, aligning with the Paris Agreement targets set in 2022. As part of its strategy, the fund's management, Norges Bank Investment Management (NBIM), has established expectations for corporate boards regarding climate change and votes at annual general meetings on this issue.

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