€1.3trn wealth fund to vote against ExxonMobil and Chevron over climate targets

The Norwegian fund, the world's single largest stock market investor, owns a 0.86% stake in Chevron and a 1.13% stake in ExxonMobil

The fund, which invests the Norwegian state's revenues from oil and gas production, said last year it would take a tougher line on companies that do not adopt credible climate plans.

Norway's €1.3 trillion wealth fund has said it would vote for resolutions urging oil majors Chevron and ExxonMobil to adopt tougher greenhouse gas reduction targets.

The fund would vote for shareholder proposals at both companies to adopt a medium-term Scope 3 greenhouse gas reduction target, against company management recommendations, it said on its website.