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World's no. 1 stock owner gets nod to purge portfolio of CO2

Norway's sovereign-wealth fund is about to get the political go-ahead to insist that all companies in its portfolio have clear targets for cutting CO2 emissions.

Martin Skancke, the lead author of the climate-risk report, said that for big emitters, net-zero should encompass so-called Scope 3 targets, which include the emissions of end users. | Photo: Vidar Ruud / NTB

Norway's Labor Party, which this month won elections that focused on the country's fossil-fuel dependence, has made clear it wants to embrace more aggressive environmental policies.

That includes providing a more stringent framework for Norges Bank Investment Management. The USD1.4tn fund should now commit to net-zero carbon-dioxide emissions by 2050, Espen Barth Eide, Labor's climate spokesman, told Bloomberg. 

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