Norway’s $1.2tn wealth fund sets net-zero target for portfolio firms

Bloomberg

Norway’s $1.2 trillion sovereign wealth fund will require the companies it invests in to reach net-zero emissions by 2050 at the latest, joining many global investors in setting such goals to prevent the financial risks from a “delayed transition.”
Just 10% of companies in the wealth fund’s portfolio have a net-zero target for 2050, even as many have taken strides toward emission targets, Norges Bank Investment Management Chief Governance and Compliance Officer Carine Smith Ihenacho said at a news conference in Oslo.
The world’s biggest owner of publicly traded companies will push for businesses to reach
the goal via “credible” interim targets and plans to reduce emissions, it said in its climate action plan.
While many investors including BlackRock Inc have set net-zero targets, some have argued such goals would not be helpful in fighting climate change.