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Klima
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Penger
The Oil Fund Fails to Meet Its Own Climate Goals
The Oil Fund is one of the most influential global actors in accelerating the transition away from fossil fuels. At Future in our Hands we track whether the Oil Fund leverages its voting power to support climate solutions. Unfortunately, the fund is falling short of its own commitments.
Annual analyses from Future in Our Hands (Framtiden i våre hender) show how the world’s largest sovereign wealth fund uses its voting power on key climate-related issues. The fund, managed by Norges Bank Investment Management (NBIM), has explicitly set a goal ‘to be the world’s leading investor in managing climate risk.’
Voting on shareholder resolutions at annual general meetings is a critical tool to influence corporate strategy, particularly for the Oil Fund, Europe’s largest investor in fossil fuels. The fund has substantial stakes in major oil and gas companies, including Shell, BP, and Exxon Mobil.
However, 94% of oil and gas companies are planning to expand their operations. None of these companies are currently aligned with the Paris Agreement’s goal of limiting global warming to 1.5°C.
Our reports in the VoteWatch series show that NBIM is not living up to its own climate goals.
Oil Fund VoteWatch: Climate reports
Oil Fund VoteWatch: Climate H1 2024
This follow-up report presents NBIM’s voting on key climate resolutions filed in the first half of 2024 at companies critical to the success of the Paris Agreement. We have looked at the twenty-one resolutions at 16 critical companies.
Norges Bank Investment Management voting on Climate Resolutions in 2023
This report examines the oil fund’s voting patterns in 2023 at 19 major company AGMs, finding that, during the first year of its Climate Action Plan the fund is falling short of expectations. Despite its own climate commitments, the fund continues to support key blocking industries (such as fossil fuels) more than its peers, revealing a gap between its stated objectives and actions.
