• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 hours America should go after China but it should be done in a wise way.
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Norwegian Sovereign Wealth Fund To Seek Disclosure Of Carbon Footprint

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

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News