The oil fund takes action in the climate initiative – news Norway – Overview of news from various parts of the country

The oil fund sets a goal of net zero emissions by 2050 for all the companies we are invested in. This is stated in the fund’s climate action plan, which was presented on Tuesday morning. – It is a very concrete and specific action plan, said the fund’s manager Nicolai Tangen when he presented the plan. – We set a goal of net zero emissions by 2050 at the latest for all companies. We will actively drive them towards this goal, says director of ownership in the oil fund, Carine Smith Ihenacho. The action plan that was put forward on Tuesday is a follow-up to the new guidelines on climate that the Storting arrived at earlier this year. Shall focus on the “worst cases” Nicolai Tangen and Carine Smith Ihenacho before the presentation of the action plan. Photo: Kristine Ramberg Aasen / news The fund currently has holdings in around 9,000 companies in 70 countries. Today, only around 10 per cent of companies have a target of zero emissions. 174 of the 9,000 companies account for around 70 per cent of the emissions in the fund’s investment portfolio. In the first instance, the fund will actively intervene to influence these companies, the action plan states. – The fund can also make its own proposals at general meetings, says head of ownership Wilhelm Mohn So far, the oil fund has sold out of four companies because of their emissions. Now Smith Ihenacho says they may sell out more. Two basic questions Fundamentally speaking, the action plan addresses two completely different questions: How should the oil fund contribute to mitigating the climate crisis? How will the oil fund avoid losing money due to the climate crisis? The fund itself believes that the two considerations are not in conflict with each other. – We think that the work we are doing now is important for the fund’s long-term return, says Smith Ihenacho. Tangen adds that he also does not believe that this will lead to lower earnings in the short term. The Norwegian Oil Fund’s climate action plan was presented on Tuesday morning. Photo: Kristine Ramberg Aasen / news



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