The Norway´s Pension Fund, NBIM, will be reviewing Climate Risk. According to the information from the Ministry of Finance in Norway, the Pension Fund is to review the Climate Risk in the portfolio.
The information was given at the same time when the Fund decided to exclude the oil & gas exploration and production companies from the Fund.
– Climate risk is an important financial risk factor for the GPFG, and will over time have an impact on several of the companies in which the GPFG is invested. The Ministry of Finance will ask Norges Bank to review its efforts relating to climate risk in the GPFG, with a view of strengthening efforts in relation to those individual companies accounting for the largest contributions to the climate risk associated with the Fund, according to the press release.
Companies classified as exploration and production companies by the index provider FTSE Russell will be excluded from the GPFG’s benchmark index and investment universe in a longer term perspective.