Norway’s $1.4 Trillion Wealth Fund Set to Get Strict CO2 Mandate
- Norway election winner wants wealth fund to set emissions goal
- Landmark decision will have ramifications for major oil stocks
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The world’s biggest owner of publicly traded stocks, Norway’s sovereign-wealth fund, is about to get the political go-ahead to insist that all companies in its portfolio have clear targets for cutting CO2 emissions.
Norway’s Labor Party, which this month won elections that focused on the country’s fossil-fuel dependence, has made clear it wants to embrace more aggressive environmental policies. That includes providing a more stringent framework for Norges Bank Investment Management. The $1.4 trillion fund should now commit to net-zero carbon-dioxide emissions by 2050, Espen Barth Eide, Labor’s climate spokesman, told Bloomberg.