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           Norway's wealth fund tells firms to set net zero emission goals
          Category:International Legal News  
          Subject:Environmental protection   ; Administrative action   ; People and society  
          Publish Date:09-21-2022

          Norway's $1.2 trillion wealth fund, one of the world's largest investors, said on Tuesday it would push the companies it invests in to cut their greenhouse gas emissions to net zero by 2050, in line with the Paris Agreement.
          Institutional investors are increasingly looking to reduce the role they play in global warming through their investments, with Norway's move coming ahead of the next round of global climate talks in Egypt in November.
          The fund invests the revenue from Western Europe's biggest oil and gas producer for future generations in stocks, bonds, property and renewable projects abroad. It owns on average 1.3% of all listed global stocks and its holdings equate to $219,000 for every Norwegian man, woman and child.
          Under the new plan, the fund will prioritise dialogue with the 174 companies that are the biggest emitters of greenhouse gases and account for 70% of the fund's emissions via its shareholdings.
          "They will be the priority," fund CEO Nicolai Tangen told Reuters. "So more frequent follow-ups, and more specific follow-up. They will see more pressure from us than other companies."
          The fund has engaged with the companies it invests in on climate change for over a decade by, for instance, setting out its expectations as a shareholder on climate change.
          Tuesday's plan follows a proposal made in April by the government, which said the fund should push the 9,300 companies it invests in to cut their net emissions to zero by 2050.

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