The largest sovereign wealth fund on the planet, that of Norway, will require the approximately 9,000 companies in which it has invested around the world to achieve net zero emissions by 2050, he announced on Tuesday.
“We are setting a goal of net zero emissions by 2050 at the latest for all companies,” said Carine Smith Ihenacho, the fund’s governance and compliance director, in a statement.
“We will engage with companies to achieve this goal by setting credible preliminary targets and putting plans in place to reduce their direct and indirect greenhouse gas emissions,” she added.
Parliamentary decision
Paradoxically fed by the oil revenues of the Norwegian State, the fund, which today weighs more than 12,000 billion crowns (1,133.5 billion francs), is present in the capital of more than 9,000 companies in 70 countries.
It holds the equivalent of 1.3% of the global market capitalization as well as bond investments and investments in unlisted real estate and renewable energy projects.
By unveiling this new climate action plan, the fund is complying with a decision by the Norwegian Parliament which earlier this year set this goal of net zero emissions by 2050.
The Norwegian fund is governed by ethical rules which notably prohibit it from investing in companies guilty of serious environmental damage or in coal.
/ATS
