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.
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.
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.
Start your day informed with AnewZ Morning Briefing: here are the top news stories for January 18th, covering the latest developments you need to know.
U.S. Congressional Azerbaijan Caucus co-chairs honour the 35th anniversary of January 20, reflecting on its impact as a pivotal moment in Azerbaijan's fight for independence.
Thousands in Belgrade held a silent protest outside RTS, honouring victims of a roof collapse. University students demanded justice for the tragedy, blaming Serbian authorities.
South Korea's impeached president Yoon Suk Yeol appeared in court to contest his detention extension on insurrection charges tied to his martial law declaration.
Reports of a two-month halt in Azerbaijani gas supplies to Serbia are false. Despite a technical issue at Shah Deniz Alpha, Shah Deniz Bravo ensures steady exports, with supplies set to resume soon. BP confirms no damage or environmental impact.
Coast Guard divers Chuck Fox and Corey Smith from the US Cutter *Polar Star* successfully repaired a leaking shaft in the freezing waters of McMurdo Sound, Antarctica.
Azerbaijan has temporarily halted its contracted natural gas supply to Bulgaria following a technical issue at BP's Alpha platform in the Shah Deniz gas field.
As we welcome the new year, it’s time to focus on species needing urgent conservation in 2025. From delicate lizards to mighty hornbills and massive sharks, all face the threat of extinction.
Over 100 Paris 2024 Olympic medals were returned due to quality issues linked to EU regulations and an untested varnish formula. The IOC has pledged to replace all defective medals.
As we approach 2025, extreme weather events are becoming the new normal. From heatwaves to flooding, climate change is accelerating and reshaping life on Earth. In this article, we explore how these shifts will affect our ecosystems, economies, and daily lives in the years ahead.
As we welcome the new year, it’s time to focus on species needing urgent conservation in 2025. From delicate lizards to mighty hornbills and massive sharks, all face the threat of extinction.
St. Helena, 1,930 kilometers off Namibia’s coast, now has the world’s most remote EV charging point. With just four electric cars, the island is working to expand its fleet and reduce fossil fuel reliance through sustainable energy.
On January 16th, Mars will reach a rare opposition, making it 900 times brighter than the faintest visible star. It will appear larger and brighter, providing perfect opportunities for observation with the naked eye or a telescope
COP29 in Azerbaijan set key rules for carbon credit trading, boosting the global carbon market. Early adopters like Japan, Singapore, and South Korea aim to meet climate goals, while ASEAN explores a regional approach for emissions reduction and economic growth.
Start your day informed with AnewZ Morning Briefing: here are the top news stories for January 18th, covering the latest developments you need to know.
U.S. Congressional Azerbaijan Caucus co-chairs honour the 35th anniversary of January 20, reflecting on its impact as a pivotal moment in Azerbaijan's fight for independence.
Thousands in Belgrade held a silent protest outside RTS, honouring victims of a roof collapse. University students demanded justice for the tragedy, blaming Serbian authorities.
South Korea's impeached president Yoon Suk Yeol appeared in court to contest his detention extension on insurrection charges tied to his martial law declaration.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment