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Home Non Banking Funds

Norway’s sovereign wealth fund removes 9 firms owing to ESG risks

Norway’s sovereign wealth fund capitalizes in around 9,100 firms around the world

Sakshi K S by Sakshi K S
December 15, 2021
in Funds, Energy, The Global Economics, Top Stories
Reading Time: 1 min read
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Norway’s sovereign wealth fund removes 9 firms owing to ESG risks

Norway’s sovereign wealth fund removes 9 firms owing to ESG risks

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Norway’s USD 1.4 trillion sovereign wealth fund, which is one of the world’s largest, has steered a risk-based screening of 442 firms in 2021, inferring that it would abstain from investing in 9 of those firms, stated on 15th December 2021.

Norway’s risk-based screening in 2021

Nicolai Tangen, the CEO of Norges Bank Investment Management in Norway, stated that the firm’s pre-screening rests on and cements its long-standing work with risk-associated disinvestments.

The Norwegian fund capitalizes on around 9,100 firms around the world. It utilizes the FTSE Global All Cap index from FTSE Russell as the foundation for its reference index.

As fresh stocks are encompassed in the FTSE index, Norway’s sovereign wealth fund can screen out firms it does not want to include in its portfolio based on social, environmental, and governance (ESG) risks. The fund stated that it would not pinpoint the affected firms as the management of the fund appropriated the verdicts.

It stated that it also possessed an additional 65 firms with elaborate sustainability risks that it would contemplate following up on in the tenure ahead. It did not state the particulars of the worth of these investments.

Via: Short URL
Tags: FTSE global all cap indexFTSE RussellNorges Bank Investment ManagementNorway's sovereign wealth fund
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

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