Two years ago, Norway's Storebrand Group launched its first fossil-free fund, and the product range has since grown steadily.
According to Jan Erik Saugestad, CEO of Storebrand Asset Management, customer demand have outpaced expectations:
"I have never seen a group of funds grow at this rate before. From initially being a niche product, it has become an obvious building block in many sustainable investment portfolios," he says.
The growth in these funds also comes from Storebrand having moved assets in a low carbon direction.
"At Storebrand, the house has a view. We invest in these funds to diversify our client's climate risk through lowering their CO2 exposure. We also see an increased number of clients with a specific low carbon investment strategy. The development is a clear signal that a true shift in sustainable investments is on its way and that our clients wish to further act upon their growing concern for climate change," says Saugestad.
The Storebrand Group is Norway's largest investor and has EUR 77 billion in assets under management.