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Oljefondet Norges Bank Investment Management

Climate love

Norway's Oil Fund Leader Criticizes UK Opposition to Green Initiatives

Nicolai Tangen, the head of Norway's $1.4tn oil fund, has voiced concern over the growing political resistance to climate measures in the UK, following a pattern that started in the US. The recent ESG backlash in the UK, symbolized by a lost by-election in Uxbridge, was described as a hindrance to climate efforts at a crucial time. Tangen sees climate change as an increasing financial risk and criticizes the politicization of the issue.
Under Tangen, the oil fund, which owns over 2.5% of every listed company in Europe, is pressuring companies to act on climate change.
“What we have seen this summer is you go from global warming to global boiling,” he said, adding: “lately there is a much closer link between climate and inflation. That’s why it’s a proper financial risk . . . We have to ratchet up the work on climate”.

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  • George Kariuki

    44 w

    Tangen's statement is a vivid way to underline the escalating urgency of the climate crisis.

    • We Don't Have Time

      44 w

      Dear Ingmar Rentzhog Your climate love has received over 50 agrees! We have reached out to Oljefondet Norges Bank Investment Management by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time


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