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Norway Wealth Fund Ratchets Up Divestments Based on ESG Risk

  • Almost 370 stocks have been sold off since 2012, fund says
  • New ESG pre-screening tool means fund to exclude more stocks
Carine Smith Ihenacho
Carine Smith IhenachoPhotographer: Odin Jaeger/Bloomberg
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Norway’s $1.4 trillion wealth fund has exited hundreds of companies over the past decade to avoid the environmental, social and governance risk it says they represented.

Since 2012, Norges Bank Investment Management has offloaded almost 370 stocks as a result of ESG screening, according to new figures released by the fund on Tuesday. The ultimate goal is to protect the wealth fund from risks that will lead to financial losses, Chief Corporate Governance Officer Carine Smith Ihenacho said in an interview before the latest update on divestments.