Sovereign Wealth Fund Builds Climate Advisory Board

Norway’s wealth fund Norges Bank Investment Management (NBIM), which oversees Norway’s Government Pension Fund, formed a new Climate Advisory Board.

NBIM says its 2025 climate action plan outlines the fund’s next steps in supporting and challenging its portfolio companies to adapt their business models and align them with net zero emissions by 2050.

NBIM expects high emitters to set net-zero 2050 targets as a matter of urgency, and all companies in its portfolio are to have done so by 2040 at the very latest.

The 2025 climate action plan says that NBIM will set up a Climate Advisory Board to support it in implementing this plan and to advise on how to further develop the fund’s approach to managing climate-related financial risks and opportunities.

As such NBIM has moved to appoint Professor Jody Freeman, Jennifer Morris, Huw van Steenis and Bjørn Otto Sverdrup as external members to the board.

Freeman is a Professor of Law at Harvard Law School and an independent director on the board of directors of ConocoPhillips. Morris is the Chief Executive at The Nature Conservancy. Van Steenis is Vice Chair at Oliver Wyman and was previously Chair of the Sustainable Finance Committee at UBS. Bjørn Otto is the Chair of the Executive Committee for the Oil and Gas Climate Initiative.

“We are very pleased to have these outstanding experts on our new advisory board. They will provide a wide breadth of relevant climate expertise spanning academia, civil society, sustainable finance and business. We are confident they will help us maintain leadership in managing climate-related risks as an owner of companies through the climate transition”, says NBIM Chief Governance and Compliance Officer Carine Smith Ihenacho.

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