Norway's USD 1.4trn wealth fund puts oil stocks on notice

The sovereign wealth fund of Norway, which manages USD 1.4tn in assets, said there are oil companies in its portfolio that "absolutely" aren't doing enough to cut emissions, as the guidelines under which it operates are reviewed, potentially giving the investor more scope to act.

Carine Smith Ihenacho, chief corporate governance officer at the oil fund. | Photo: PR / NBIM

Norges Bank Investment Management (NBIM) still holds stakes in a number of fossil-fuel giants, including Exxon Mobil Corp., Chevron Corp. and BP Plc., after failing to win political approval to dump its entire portfolio of oil stocks a few years back.

"These are companies we monitor very, very closely with a view to the climate and emissions," Carine Smith Ihenacho, chief corporate governance officer at the Oslo-based fund, said in an interview. 

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