Sovereign Wealth Fund Under Fire for Climate Voting Practices

The world's largest sovereign wealth fund, valued at $1.8 trillion, is facing criticism for not supporting key climate resolutions at shareholder meetings. A report by Framtiden i vaare hender highlights the fund's inconsistent voting on climate issues, contrasting its commitments to the Paris Agreement.

The world's largest sovereign wealth fund is under scrutiny for falling short of its climate commitments during this year's annual general meeting season. According to a report by the Norwegian NGO Framtiden i vaare hender, the fund has not supported several critical climate resolutions.

Valued at $1.8 trillion, the fund manages Nordic oil and gas revenue, investing in 9,000 companies with a goal to reach net-zero emissions by 2050. This aligns with the Paris Agreement; however, recent findings reveal that the fund voted against 17 of 21 important climate resolutions.

Despite setting expectations for corporate boards and engaging with companies, the fund reportedly follows management recommendations more closely than climate proposals. This inconsistency, particularly with top energy companies, is seen as a mismatch to its stated climate action plan.

(With inputs from agencies.)