Our team at WWF–Norway has launched an interactive, online map. It shows the extent of major fossil fuel investments from Norway’s sovereign wealth fund – the largest sovereign wealth fund in the world.
The Norwegian Government Pension Fund Global (GPFG) is invested in 147 of the world’s 200 companies holding the largest reserves in coal, oil and gas. The fund’s share of those reserves is equivalent to 108 times Norway’s annual greenhouse gas emissions, according to a new analysis from WWF.
Why is this important?
If we look at the bigger picture, the fund is currently invested in more fossil fuels than can ever be burned if we are to avoid catastrophic climate change. The London-based think tank, the Carbon Tracker Initiative, recently released a report listing the 200 companies in the world with the largest fossil fuel reserves. WWF has analyzed Norway’s investments in this list of companies through the GPFG.
WWF’s global campaign, Seize Your Power, is calling on governments and financial institutions to move increased investment into sustainable, renewable energy and to phase out investments in oil, coal and gas. As part of the global campaign, WWF– Norway calls on the Norwegian Parliament to give the fund a mandate to invest 5% of its portfolio in renewable energy.
With investments in 7,000 companies – and as an owner of 1.2% of the world’s stock markets – Norway is an influential actor in a global shift towards renewable energy.
State Secretary Hilde Singsaas of the Norwegian Finance Ministry said today that they have taken into account issues and risks related to investments in fossil fuels:
“Reducing investments in oil and gas has been debated on several occasions… When it comes to increasing the fund’s investments in renewable energy, we will evaluate this after we will have gained experience with investments in real estate.*”
Do you think big investors should increase investments in a clean, safe & healthy future? Show your support, and sign the pledge.
*Note: In 2011 the fund has started to invest in real estate, working towards a target of 5%. This is a new mandate given to the fund’s management, and WWF’s proposal to invest in renewable energy follows the same logic.