Tuesday, May 28, 2024

The oil fund does not achieve its climate targets

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Presentation of the oil fund’s results for 2023 earlier this year. Photo: Fredrik Varfjell / NTB

Of NTB | 29.04.2024 03:22:51

Weather: I the report the organization looked at whether Norges Bank Investment Management (NBIM) voted for climate proposals during 2023 at the general meetings of oil companies and banks that lend money to them.

According to the Reuters news agency, the report examines, among other things, the voting by the Government Pension Fund abroad – most often referred to as the oil fund – on 16 climate resolutions in large oil companies. The fund supported seven of the proposals, according to the review, while the organization believes the fund supported “climate-damaging” strategies in the last nine cases.

– By continuing to finance high-emission companies without demanding noticeable climate commitments, NBIM is putting at stake both its financial responsibility towards the owners (the Norwegian people) and its reputation as a leader in responsible investment, writes Anja Bakken Riise, head of Fremtiden i våre hands, in the preface to the report.

(© NTB)

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