Norwegian oil fund to sell shares in companies with poor ESG record
The head of Norway’s biggest sovereign wealth fund, Nicolae Tangen, says the fund should boost its revenues by selling more of the shares it holds in companies with an unsatisfactory record in terms of the so-called ESG criteria – Environmental, Social and Corporate governance.

Tangen, CEO of the Norges Bank Investment Management (NBIM) who oversees the Norwegian “Oil Fund”, told the Financial Times that the Fund should “engage in risk in a more reasonable fashion” and play a more active role in shedding investments showing poor ESG results.

The Fund, formally known as Government Pension Fund Global, holds 1.5 % of all world shares. In 2019, it sold shares in 42 companies after assessing risk linked to ESG criteria. Among there were 16 electricity producers and 12 mining companies.

Tangen said he wanted to boost those numbers and planned to take on staff to deal with matters concerning ESG criteria.

Companies and financial institutions have become more actively focused on these issues in response to growing pressure from activists and investors.

U.S. banks JPMorgan Chase & Co. (SPB:JPM) Citigroup Inc. (SPB:C) and Bank of America Corp. (SPB:BAC) have issued “green” and social bonds over the course of the year.

French food and water producing company Danone SA took on a more active role in ESG issues last June and became an “entreprise à mission” under French law – defined as a company whose social and environmental objectives are aligned with its purpose and set out in its Articles of Association.

Danone set up an independent commission to oversee the realisation of these goals and report on progress.

Share:

Share on facebook
Facebook
Share on telegram
Telegram
Share on email
Email
Share on twitter
Twitter
Share on vk
VK
Share on odnoklassniki
OK
Share on reddit
Reddit

Add comments

Your email address will not be published. Required fields are marked *

Indonesia will build 100 MW floating SPP

Indonesian PT PLN Nusantara Power, the subsidiary of the state-owned energy distributor Persero, announced the tender for building a 100 MW floating solar power station (SPP). The Karangkates project will be implemented at the water reservoir of the dumb with the same name on Java Island.

read more ...

Russian scientists developed new method for breaking oil-water emulsions

The scientists from the V.I. Vernadsky Institute of Geochemistry and Analytical Chemistry of the Russian Academy of Sciences (RAS) developed a new method for breaking field oil-water emulsions into water and oil without specialised chemical agents. It helps to receive feedstock for downstream refining or for sales. The research outcomes are published in the Journal of Petroleum Science and Engineering.

read more ...

Archives


October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031