OSLO (Reuters) – Norway’s sovereign wealth fund, one of the world’s biggest investors, said on Saturday it would vote against a resolution calling on British oil giant BP to adopt more ambitious carbon emissions targets. greenhouse gas.
As BP is already striving to cut emissions, the motion tabled by a group of activists ahead of the April 27 general meeting calls on BP to align with the Paris climate accord targets to to limit global warming.
Norges Bank Investment Management, which manages Norway’s sovereign wealth fund, said last year it planned to take a tougher line on companies that fail to adopt credible climate plans.
However, the fund also points out that while it sometimes votes in favor of environmental, social and governance (ESG) proposals put forward by activists, it assesses them on a case-by-case basis according to their merit.
The fund, whose resources come from oil and gas, holds a 2.73% stake in the capital of BP, according to the latest available data.
(Report Nerijus Adomaitis, Matthieu Protard)
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