Major investor targets fully CO2-neutral companies in portfolio from 2050

Norway's oil fund, one of the largest investment funds globally, wants its portfolio of companies to be carbon neutral from 2025. Although the announcement doesn't mean the fund will divest heavy emitters in the short term, writes media E24.

Photo: Andrea De Silva/Reuters/Ritzau Scanpix

Changes are on the table at Norway's Government Pension Fund Global, or oil fund, which wants its portfolio of companies to be CO2 neutral from 2050.

Whereas there has been a lot of discussion among investment companies about holding and buying future equity interest in fossil fuel operations, the oil fund prefers active engagement through ownership rather than via divestment and exclusion, writes Norwegian media E24.

"Rather than selling out, we want to use active ownership to be a driving force behind companies transforming themselves. We actually must be owners to have impact, and we think ownership work functions," says Deputy Governor Øystein Børsum from Norway's central bank, Norges Bank, as cited by the media.

The oil fund, overseen by Norges Bank Investment Management, is among the world's largest investment funds and for that reason sees itself as able to influence its peers.

"They listen when we speak," Børsum tells E24.

English Edit: Daniel Frank Christensen

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