Good Articles to Share
Norway's wealth fund tells companies to set zero-emission goals
OSLO: Norway's US$1.2 trillion wealth fund, the world's largest, said on Tuesday it would decarbonise its holdings by pushing firms to cut their greenhouse gas emissions to nil by 2050, in line with the Paris Agreement.
The fund invests the petroleum revenues from Western Europe's biggest oil and gas producer for future generations in stocks, bonds, property, and renewable projects abroad.
"Our long-term return will completely depend on how the companies in our portfolio manage the transition to a zero emissions society," chief executive Nicolai Tangen of Norges Bank Investment Management said in a statement.
Tuesday's plan follows a proposal made in April by the Norwegian government, which said the fund should push the 9,300 companies it invested in to cut their emissions to nil by 2050.
"We will engage the companies to reach this target by setting credible preliminary targets and creating plans to reduce their direct and indirect emissions of greenhouse gases," chief governance and compliance officer Carine Smith Ihenacho said.
Still, the fund previously said it would not divest from big emitters to achieve these targets but instead be an "active shareholder" to effect change.
The fund owns on average 1.3% of all listed global stocks and its size is equivalent to US$219,000 for every Norwegian man, woman, and child.
The fund published its first expectations on how companies should address climate change more than a decade ago.
It tracks climate-related risks, defined as the impact climate change may have on the assets the fund invests in, but also the opportunities that could arise for individual firms successfully adapting to it.
- Reuters
More articles on Good Articles to Share
‘King of Kowloon’: uncovering the work of late Hong Kong graffiti writer Tsang Tsou-choi
Created by Tan KW | May 05, 2024
Togo ruling party wins sweeping majority in legislative poll, final provisional results show
Created by Tan KW | May 05, 2024
Berkshire has record profit, cash soars to US$189b as Apple stake sinks
Created by Tan KW | May 05, 2024
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Apps
Top Articles
1
2
3
Nuclearinvestment
4
6
BFM Podcast
7
南洋行家论股
8
BFM Podcast
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
No trading signals available.
Stock
Time
Signal
Duration
No trading signals available.
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
