Română
In its first-ever report on responsible investing, Norway’s pension fund announced last week that it has divested from 114 companies in the past three years due to concerns over global warming, deforestation, and sustainability as well as long-term financial viability. Worth a staggering $861 billion, Norway’s Government Pension Fund Global (GPFG) is the world’s largest sovereign wealth fund.
“We have gradually increased the scope of risk-based divestments, both geographically and thematically,” said Yngve Slyngstad, CEO of Norges Bank Investment Management. Also known as the Oil Fund, given most of its wealth comes from the petroleum sector, the GPFG is so massive that it owns arounds 1.3 percent of the world’s listed shares.
Although it has not released the names of all the companies, the GPFG has dropped 43 corporations due to deforestation risks. More than half of these companies were in the palm oil industry, but they also included Indonesian coal mining companies, paper producers, and gold miners.
