Left Menu
Development News Edition

Norway wealth fund will not yet blacklist greenhouse gas emitters


Norway's $1 trillion wealth fund, the world's largest, will not yet blacklist firms for producing too much greenhouse gases, as mandated by parliament, because further clarification is needed, the board of the Norwegian central bank said on Wednesday.

The fund is forbidden by parliament from investing in firms that produce nuclear weapons or landmines, or are involved in the production of tobacco, among other criteria.

Carbon emissions became a criteria for exclusion from the fund in 2016 and last year the Council on Ethics, the fund's ethics watchdog, recommended "a small handful" of firms be excluded for producing too much greenhouse gas emissions in either the oil, cement and steel sectors.

Since then recommendations have been under review by the board of the central bank, which oversees the fund, but a decision has been delayed several times.

On Wednesday, the board said it had discussed the recommendations from the ethics watchdog at a meeting on Oct. 24.

"The Board did not decide on any exclusions of individual companies at this meeting," Governor Oeystein Olsen and Deputy Governor Egil Matsen said in a letter to the finance ministry dated and published Wednesday.

Among the reasons it cited was that more work was needed to assess the ground for exclusion.

"Compared with other criteria in the (ethics) guidelines, the climate criterion does not provide a very precise definition of what conduct should constitute grounds for a decision to exclude," said the letter.

"Norges Bank would ask the Ministry of Finance to help clarify whether the primary basis for assessment against the climate criterion is intended to be companies' emissions."

Matsen told Reuters in June that the main difficulty in discussions had been to define and limit this new type of criteria based on the companies' conduct or behaviour, rather than their products.

(Reporting by Gwladys Fouche; editing by David Evans)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

Cabinet approves raising of upper limit for permitting abortions to 24 weeks

The Union Cabinet on Wednesday approved extending the upper limit for permitting abortions from the present 20 weeks to 24 weeks.The Cabinet approved the Medical Termination of Pregnancy Amendment Bill, 2020 to amend the Medical Termination...

Two killed, one injured in clash in West Bengal's Murshidabad

Two killed, one injured in clash in West Bengals Murshidabaddistrict Police....

Ramco Cements profit drops by 6 pc on sluggish sales

Ramco Cements, the fifth largest cement producer in India, said on Wednesday its standalone net profit during the third quarter of current financial year Q3 FY20 went down by 6 per cent at Rs 94.8 crore against Rs 101 crore year-on-year. Th...

Two held for murdering 20-year-old in Delhi

The Delhi Police on Tuesday arrested two persons in connection with the murder of a 20-year-old resident of Shahbad Daulatpur area. The accused have been identified as 25-year-old Ankit Tushir and 19-year-old Anshu, both residents of the sa...

Give Feedback