Oil fund tightens climate demands and adopts policy on carbon credits

Norway’s oil fund will demand more climate action from the companies it invests in, as it tells boards to move from target-setting to transition planning.

Carine Smith Ihenacho is the chief governance and compliance officer at Norges Bank Investment Management. | Photo: PR/NBIM

by PHILIP MADSEN

The investment manager of Norway’s NOK 15.2trn (EUR 1.33trn) oil fund (NBIM) has revealed stricter demands for how companies it invests in should handle the risks and opportunities of climate change.

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