Norway’s Sovereign Wealth Fund Walks Tightrope with Environmentalists

Yngve Slyngstad

Yngve Slyngstad

Norway’s sovereign fund which generates wealth from investment returns and fossil fuels will allocate an equivalent of 1% of its assets into environmental technology stocks – equating to about US$ 3 billion. At the end of 2013, the sovereign wealth fund held US$ 4.5 billion in green technology companies. NBIM CEO Yngve Slyngstad indicated on January 1, 2015, the sovereign wealth fund will push investments toward renewable energy, waste management and energy-storage companies. The wealth fund chief said the move will happen in a short time frame. Slyngstad addressed an audience at the 2nd Geneva Summit on Sustainable Finance on November 27th saying, “No matter what you think, if it’s going to be a good investment or not, it’s very simple: We will invest in this area.”

View Profile – Norway’s Government Pension Fund Global

“We conclude that, by and large, the Fund is an inappropriate and ineffective climate change tool.”

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