A360
Key Takeaways✦ Atlas AI
01
Fund's climate engagement questioned.
02
Limited voting against oil/gas firms.
03
Fund maintains commitment to net-zero.
Atlas AI
OSLO — Norway’s $2.2 trillion sovereign wealth fund may be falling short of its stated climate ambitions and could be stepping back from active engagement with portfolio companies, according to a report published Tuesday by environmental group Framtiden i Vaare Hender (Future in Our Hands).
The report reviews voting by Norges Bank Investment Management (NBIM), which manages the fund. Since 2022, NBIM has said it aims for all portfolio companies to reach net-zero greenhouse gas emissions by 2050.
Review focused on oil and gas producers
Future in Our Hands analysed NBIM’s 2025 voting record on 23 “priority votes” at 12 upstream oil and gas developers, including BP, Shell, Petrobras, Chevron and ExxonMobil. The NGO said the companies are expanding oil and gas production.
According to the report, NBIM signalled disapproval of management in only three instances, voting against the re-election of directors at Petrobras, ExxonMobil and Chevron.
Lucy Brooks, the NGO’s sustainable finance adviser, said the voting record showed “a concerning lack of engagement” on what she described as climate risk. She warned that a pullback from active engagement could become permanent.
NBIM response
NBIM said it continues to expect portfolio companies to align with a net-zero pathway and to disclose credible, time-bound transition plans.
In a statement to sources, NBIM said voting is one of several tools it can use and that it also engages “directly and extensively” with companies through bilateral dialogue based on its climate expectations.
