Oil fund warns that climate targets could threaten returns

If Norway's oil fund is bound to change its investment strategy, it could pose a threat to returns, prompting the fund to issue a warning to the Norwegian Ministry of Finance.

Trond Grande is deputy ceo of the Government Pension Fund of Norway. | Photo: Vidar Ruud/AP/Ritzau Scanpix

It could pose a risk a risk to returns if the Government Pension Fund of Norway were to change its investment strategy in an effort to meet more climate targets, a letter addressed to the Norwegian Ministry of Finance warns, according to Bloomberg News.

"We should be careful about making major changes to the principles underlying the fund's investment strategy," write Oystein Olsen and Trond Grande, central bank governor and deputy CEO of the wealth fond, respectively, in the letter, reports Bloomberg News.

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