Norway's $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
Norway’s $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.
“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 has 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 owns 1.