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News Express(English Edition)

Norway's wealth fund intensifies net zero emission

Norway's $2 trillion wealth fund is increasing pressure on companies it invests in to cut their greenhouse gas emissions to net zero by 2050, in a sharp contrast with the growing U.S. backlash against climate-friendly policies.



The goal of bringing all 8,500 companies in its portfolio in line with the Paris Agreement target was first formulated by the fund in 2022.



In its newly updated climate plan, it will expand the list of companies it considers the highest-emitting, which it will target for a more focused dialogue.



The fund's updated guidelines come at a time when some international investors are backing away from ESG policies on climate change.



U.S. President Donald Trump's administration is, meanwhile, boosting fossil fuel production, rolling back climate policies at home, and working against international climate initiatives abroad, including withdrawing from the Paris climate agreement.



The wealth fund, which manages the Norwegian state's revenues from oil and gas production, has invested about half of its value, or about $1 trillion, in the United States, across bonds, equities and real estate.