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.
Retailers like Walmart are using advanced weather data to shape local promotions and inventory, adjusting prices on seasonal items like sunscreen and winter gear. New tools help companies plan amid unpredictable weather patterns driven by climate change.
To combat the decline in air quality during the past three weeks, authorities in the capital and surrounding cities of India fined thousands of car owners and construction sites for violating pollution regulations.
Spain is deploying 7,500 troops to its eastern region hit by deadly floods, where at least 217 people have died
New Delhi topped global pollution charts Friday as Diwali firecracker celebrations worsened air quality to hazardous levels, despite a ban. Seasonal crop burning further compounded the smog, leaving the city blanketed in thick, dense pollution.
U.S. stocks dip as election nears, with Trump and Harris in a tight race and investors bracing for Fed policy news.
Democratic presidential candidate Kamala Harris campaigns in Michigan on Sunday while her Republican rival Donald Trump stops in three eastern battleground states just two days before elections
Democratic candidate Kamala Harris and Republican Donald Trump remain in a tight race in the country's seven battleground states
Ryanair has trimmed its passenger growth target for the year ending March 2026 from 215 million to 210 million due to Boeing delivery delays. Despite a reported after-tax profit of 1.79 billion euros, average fares dropped by 10% this year.
UN Deputy Secretary-General Amina Mohammed urged fair policies for clean energy minerals, highlighting the need for equity, transparency, and environmental protection as demand soars worldwide.
Retailers like Walmart are using advanced weather data to shape local promotions and inventory, adjusting prices on seasonal items like sunscreen and winter gear. New tools help companies plan amid unpredictable weather patterns driven by climate change.
To combat the decline in air quality during the past three weeks, authorities in the capital and surrounding cities of India fined thousands of car owners and construction sites for violating pollution regulations.
Unprecedented air pollution levels in Pakistan's second-largest city of Lahore prompted authorities to take emergency measures
In response to devastating floods that have claimed over 150 lives in Spain, the UN is emphasizing the need for immediate global action to reduce greenhouse gas emissions
U.S. stocks dip as election nears, with Trump and Harris in a tight race and investors bracing for Fed policy news.
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