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Reuters: Norway wealth fund tells companies to plan for climate transition
Norway wealth fund tells companies to plan for climate transitionBy Terje Solsvik and Gwladys Fouche
September 15, 20239:16 AM EDT
OSLO, Sept 15 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, the world's largest, revealed stricter demands on Friday for how companies it invests in should handle climate risk, telling boards to move from target setting to transition planning.
The fund, which pools the Norwegian state's revenues from oil and gas production, has set the pace on many issues in the field of environmental, social and corporate governance (ESG).
It holds stakes in around 9,200 companies globally, equivalent to 1.5% of all listed stocks.
"With the effects of climate change becoming more evident, we really saw the need to sharpen our expectations," the fund's Chief Governance and Compliance Officer Carine Smith Ihenacho said in a statement.
…
September 15, 20239:16 AM EDT
OSLO, Sept 15 (Reuters) - Norway's $1.4 trillion sovereign wealth fund, the world's largest, revealed stricter demands on Friday for how companies it invests in should handle climate risk, telling boards to move from target setting to transition planning.
The fund, which pools the Norwegian state's revenues from oil and gas production, has set the pace on many issues in the field of environmental, social and corporate governance (ESG).
It holds stakes in around 9,200 companies globally, equivalent to 1.5% of all listed stocks.
"With the effects of climate change becoming more evident, we really saw the need to sharpen our expectations," the fund's Chief Governance and Compliance Officer Carine Smith Ihenacho said in a statement.
…