Wednesday, January 11, 2017

Norway's $880 billion oil fund could exclude biggest polluters

The ethics watchdog for Norway's $880-billion wealth fund will focus this year on identifying firms with the biggest emissions of greenhouse gases and will recommend excluding them from the fund's investments, it said.

The fund, built from surpluses made by Norway's oil industry, has stakes in more than 9,000 companies in 78 countries, owning some 1.3 percent of all listed shares globally. It is the world's largest sovereign wealth fund.

Norway's parliament set a mandate, in force since 2016, to restrict the fund's investment in companies that emit excessive volumes of climate changing gases ....