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Norway’s EUR 1tn wealth fund to deepen climate risk work

Norway’s EUR 1tn sovereign wealth fund plans to expand its work on assessing climate risk, from pushing for better company reporting to expanding flood analysis for its real estate assets.

“Climate change will eventually impact on most industries and markets,” Governor Oystein Olsen said in a letter to the Norwegian Finance Ministry published on Thursday. | Photo: https://www.norges-bank.no/en/topics/about/Organisation/The-Executive-Board/Governor/

The Norwegian fund, the biggest of its kind, already has a variety of instruments to measure how climate change may affect demand, spur regulation or physically damage assets.

It has cut a large part of its exposure to coal production and also follows ethical guidelines for its investments that incorporate climate and environmental standards.

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