Norway’s sovereign wealth fund to push companies to set zero-emission goals

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Norway’s $1.2 trillion wealth fund, the world’s largest, said on Tuesday it will decarbonize its holdings by pushing firms to cut their greenhouse gas emissions to nil by 2050 in line with the Paris Agreement.

“Our goal is to be the world’s leading investor in terms of how climate risk is managed,” Chief Executive Nicolai Tangen of Norges Bank Investment Management said in a statement.

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“Our long-term return will completely depend on how the companies in our portfolio manage the transition to a zero emissions society,” he said.

Norway’s finance ministry, which has the overall responsibility for the fund’s management, earlier this year proposed the fund should push the 9,300 companies it invests in to adopt net-zero carbon emissions targets.

Read more: Sustainability in focus: Saudi wealth fund PIF’s path to net zero emissions

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