• 45 mins Aramco In Talks With Chinese Petrochemical Producers
  • 2 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 3 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 10 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 15 hours Keystone Pipeline Restart Still Unknown
  • 19 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 21 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 23 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
Is This The New Sweet Spot For Shale?

Is This The New Sweet Spot For Shale?

Shale drillers and oil majors…

Norwegian Sovereign Wealth Fund To Seek Disclosure Of Carbon Footprint

Norway

Banks with funding from Norway’s $960 billion sovereign wealth fund will now have to disclose the carbon footprint of their investment and lending activities, CEO Yngve Slyngstad told Reuters on Friday.

The fund has a legacy of measuring the environmental impact of its equities and bonds purchases before making any transactions. Now, banking institutions that benefit from the fund’s programs will have to internally measure their green factor and report it to Norges Bank Investment Management.

"What kind of loans do they have and how are their loan books specifically exposed to this issue?” Slyngstad said. “In practice that will mean the corporate loan books."

Financial entities represent 23.8 percent of the fund’s equity portfolio – the highest portion Norges allotted to any one sector. Deutsche Bank, HSBC, Citigroup, and Wells Fargo are amongst the major financial institutions that have received the Norwegian capital.

Adoption of the new green reporting program will take time to spread. “But the overall direction of their policies is something that we expect to come," the CEO said. The boards of companies that would have to prepare the environmental assessments will be notified of the additional protocol either in writing or via high-level meetings.

"In 2017, we will have more than 4,000 company meetings. Last year, nearly half of the meetings raised the issue in the environmental, social and governance area," Slyngstad said.

Oslo made a rare decision to use just over 3 percent of its giant fund in the 2017 budget, local media reported in October, citing estimates by the statistics office and investment banks. The same pool of money, which is derived mainly from the nation’s oil wealth, will be used to finance clean energy initiatives and projects. The electric car market will be one of the sectors to benefit from the new program as “lucrative” subsidies from the fund will be used to ensure Norway becomes carbon neutral by 2030.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News