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.
Indonesia is optimistic it can reach net zero emissions before 2050, a decade earlier than previously targeted, President Prabowo Subianto told a G20 forum.
The U.N. is working to secure $19M in climate financing for Afghanistan, aiming to address droughts and floods without engaging Taliban authorities, as the country remains blocked from climate funds since the 2021 takeover.
Chad’s weather agency struggles with broken equipment and lack of funding, reflecting a broader issue across Africa, where limited data hampers disaster preparedness. At COP29, urgent calls were made to improve early warning systems, aiming for universal coverage by 2027.
The start of COP29 in Baku coincided with the release of new United Nations data that shows a record 11% increase in global CO2 emissions over the past 20 years. This highlights the critical need for urgent international action to tackle climate change.
In order to protect the earth for future generations, Pope Francis has urged world leaders to take significant action at COP29 and emphasize the need of international cooperation.
The International Criminal Court has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his former defence chief, as well as a Hamas leader, Ibrahim Al-Masri, for alleged war crimes and crimes against humanity, the court said on Thursday.
Former German Chancellor Angela Merkel describes her dealings with world leaders like Russian President Vladimir Putin and Donald Trump during her 16 years in power in her new memoir, which comes as her legacy is under fire in light of today's crises.
Iceland’s Reykjanes Peninsula, active again after 800 years, has seen repeated volcanic eruptions since 2021. From lava fountains to massive fissures, eruptions have reshaped the landscape, attracting tourists while prompting evacuations and safety warnings.
An earthquake measuring 4.6 on the Richter scale struck the Dashtestan district of Bushehr Province in southern Iran at 8:30 a.m. local time today, according to the National Seismology Center of the Institute of Geophysics at Tehran University.
"Come up with the video in its full form," demands the COP29 CEO, Elnur Soltanov, in an exclusive interview with AnewZ. The chief executive has broken his silence on the claims he was using his position to organise potential fossil fuel deals.
The United Nations COP29 climate change conference in Baku seeks $1 trillion annually to help vulnerable nations tackle climate change, as political tensions and Argentina’s withdrawal overshadow talks.
Afghanistan calls on COP29 leaders to prioritize vulnerable communities in climate justice, grateful to Azerbaijan for inclusion.
Iceland’s Reykjanes Peninsula, active again after 800 years, has seen repeated volcanic eruptions since 2021. From lava fountains to massive fissures, eruptions have reshaped the landscape, attracting tourists while prompting evacuations and safety warnings.
Global tourism takes a climate-conscious turn as 50+ nations sign a UN pact at COP29 in Baku, pledging greener practices.
The International Criminal Court has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his former defence chief, as well as a Hamas leader, Ibrahim Al-Masri, for alleged war crimes and crimes against humanity, the court said on Thursday.
Former German Chancellor Angela Merkel describes her dealings with world leaders like Russian President Vladimir Putin and Donald Trump during her 16 years in power in her new memoir, which comes as her legacy is under fire in light of today's crises.
Iceland’s Reykjanes Peninsula, active again after 800 years, has seen repeated volcanic eruptions since 2021. From lava fountains to massive fissures, eruptions have reshaped the landscape, attracting tourists while prompting evacuations and safety warnings.
An earthquake measuring 4.6 on the Richter scale struck the Dashtestan district of Bushehr Province in southern Iran at 8:30 a.m. local time today, according to the National Seismology Center of the Institute of Geophysics at Tehran University.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment