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Academics petition on Norway to have the Oil Fund join the Net Zero Asset Owner Alliance

According to the article written by World Bank's senior economist Håvard Halland, the carbon footprint of the Government Pension Fund Global's equity portfolio is more than double the size of Norway's annual total emissions.

Photo: Pexels: Stein Egil Liland.

Economists and experts from around the world have signed a joint article urging Norway's Government Pension Fund Global (GPFG) to join the UN-convened Net Zero Asset Owner Alliance, whose members pledge to reduce portfolio greenhouse gas emissions to net zero by 2050, reports IPE.com.

The GPFG currently has NOK 12.1trn (EUR 1.16trn) of assets. The article, which was written by Håvard Halland, a senior economist at the World Bank, and published on the website of London-based think tank the Official Monetary and Financial Institutions Forum (OMFIF), says the fund's size makes it one of the world's largest investors. Therefore, its adherence to the Net Zero Asset Owner Alliance would be "a significant step towards achievement of the objectives in the Paris agreement."

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