The Government agrees with the professional assessment of the expert group that ethically motivated exclusion of all coal and petroleum companies based on their products would not be appropriate. The energy production, energy use or CO2 emissions of such companies cannot per se be said to be contrary to generally accepted ethical norms.
- I have noted that the expert group is of the opinion that use of the Fund as a climate policy tool would be both inappropriate and ineffective. The measures introduced by the Government are premised on the broad consensus concerning the role of the Fund as a financial investor, which has facilitated the robust long-term management of our savings, says the Minister of Finance.
Norges Bank has already implemented a number of the changes proposed by the expert group. Climate issues are also taken into consideration in the general risk assessments of portfolio companies carried out by Norges Bank. The Bank has in recent years made more than a hundred risk-based divestments, including holdings in coal extraction and coal power companies. Such divestments take place within the scope of the mandate set by the Ministry.
The Ministry will request Norges Bank to conduct a specific risk-based review of portfolio companies whose involvement in coal extraction, coal power generation or coal-based energy conversion represent a significant part of their business.