Norway's sovereign wealth fund tells companies to set zero-emission goals

Credit: REUTERS/Peter Andrews

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OSLO, Sept 20 (Reuters) - Norway's $1.2 trillion wealth fund, the world's largest, said on Tuesday it will decarbonise its holdings by pushing firms to cut their greenhouse gas emissions to nil by 2050 in line with the Paris Agreement.

"Our goal is to be the world's leading investor in terms of how climate risk is managed," Chief Executive Nicolai Tangen of Norges Bank Investment Management said in a statement.

"Our long-term return will completely depend on how the companies in our portfolio manage the transition to a zero emissions society," he said.

Norway's finance ministry, which has the overall responsibility for the fund's management, earlier this year proposed the fund should push the 9,300 companies it invests in to adopt net-zero carbon emissions targets.

Market value of Norway's wealth fund

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

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