World's largest wealth fund warns oil majors over emissions

Norwegian government-commissioned paper has proposed having climate risk underpin investment decisions across the fund

Norway's wealth fund still holds stakes in oil majors such as Exxon-Mobil, but has criticised them over emission cut targets.

The sovereign wealth fund of Norway, which manages $1.4 trillion (€1.2tn) in assets, has said there are oil companies in its portfolio that “absolutely” aren’t doing enough to cut emissions, as the guidelines under which it operates are reviewed, potentially giving the investor more scope to act.

Norges Bank Investment Management still holds stakes in a number of fossil-fuel giants, including Exxon-Mobil, Chevron and BP, after failing to win political approval to dump its entire portfolio of oil stocks a few years back.