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Jens Stoltenberg takes over as Norway’s new finance minister
Jens Stoltenberg, the former NATO Secretary General, has been appointed as the country’s new finance minister.
Norway's wealth fund falls short on climate ambitions, NGO says
Reuters
The world’s largest sovereign wealth fund, valued at $1.8 trillion, is criticized for not meeting its climate goals, voting against 17 of 21 key climate resolutions this year, despite aiming for net-zero emissions by 2050 in line with the Paris Agreement.
The world's largest sovereign wealth fund, valued at $1.8 trillion, is falling short of its climate goals, according to a recent report by the Norwegian NGO Framtiden i vaare hender (Future in our Hands).
Established to manage revenue from Norway's oil and gas production, the fund aims for its 9,000 investments to achieve net-zero greenhouse gas emissions by 2050, in line with the Paris Agreement.
Norges Bank Investment Management (NBIM), which oversees the fund, sets climate expectations for corporate boards and votes on shareholder resolutions at annual general meetings. However, the report found that NBIM voted against 17 out of 21 significant climate resolutions this year, often siding with company management rather than climate lobby groups.
Lucy Brooks, a sustainable finance advisor at the NGO, noted that while the fund has been consistent in opposing excessive executive pay, it has been less reliable in supporting critical climate resolutions. NBIM defended its voting record, stating that it considers materiality, prescriptiveness, and scope when evaluating shareholder proposals.
In the first half of 2024, the fund supported 31% of sustainability-related proposals, a rate consistent with 2023.
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In Norway, nearly all new cars sold in 2024 were fully electric
Norway leads the EV revolution: 9 out of 10 cars sold in 2024 were electric, driving the nation closer to its goal of fully electric new car sales by 2025.
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Norway
Dutch commercial flight veers off runway in Norway, all onboard unharmed
A passenger plane skidded off the runway during an emergency landing in Norway. All 182 onboard were unharmed. This marks the third aviation incident in 24 hours.
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