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.
The total value of foreign currency transactions between banks and individuals in Uzbekistan reached 14.5 billion U.S. dollars in the first six months...
North Korea has stopped foreign tourists from visiting its new Wonsan-Kalma resort just weeks after it welcomed the first Russian visitors....
U.S. President Donald Trump says Coca-Cola has agreed to use real cane sugar in the U.S., though the company has not confirmed the claim....
U.S. markets closed mostly flat Friday, capping a third winning week out of four....
Netflix has used generative artificial intelligence to produce a visual effects scene in an original series for the first time, marking a new step for...
Norway could soon receive a major boost to its airborne defence, as Washington signals readiness to expand military cooperation through a new high-value arms deal.
Two remote spaceports in northern Sweden and Norway are vying to become the first to launch satellites into orbit from mainland Europe, as the continent works to reduce dependence on U.S. space infrastructure.
Norway has joined the European Union in sanctioning two Russian fishing companies accused of aiding Moscow’s intelligence operations in maritime areas.
Norway has listed two Russian fishing companies, Norebo JSC and Murman Seafood, in line with European Union sanctions adopted on 20th May. The Norwegian government stated that the decision supports the country’s broader security policy objectives.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
Two Harry Potter actresses, Emma Watson and Zoe Wanamaker, have each received a six-month driving ban after separate speeding offences, both sentenced on the same day at a Buckinghamshire court.
China is battling an unprecedented power surge, as temperatures push electricity demand beyond 1.5 billion kilowatts. Officials warn the real test is still to come, with risks of power rationing looming.
Monsoon rains in northern India has pushed the death toll past 100, claiming the lives of 104 people in in Himachal Pradesh, injuring 189, and left 35 missing, according to officials.
The Brazilian government has responded to growing concerns over accommodation for participants of the upcoming UN Climate Change Conference, COP30, set to take place this November in the heart of the Amazon rainforest, in the city of Belém.
The International Air Transport Association on Wednesday stepped up criticism of the European Union's sustainable aviation fuel mandate as a costly initiative that is not helping the environment as regional supplies there remain low.
Brazil has announced the launch of a special electronic visa (e-visa) to facilitate international access for participants attending the 30th United Nations Climate Change Conference (COP30), scheduled to be held in Belém from 6th to 21st November 2025.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment