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Pressure on Norway fund to divest from coal

Posted on 24 May 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund may be forced to step up divestments of coal companies and could face a wider ban on investments in other fossil fuels.
A majority of parties in Norway’s parliament want to tighten guidelines that prevent the $850bn fund from owning companies that base more than 30% of their activities or revenues on thermal coal, according to a group of legislators including opposition Labor, Norway’s biggest party. Adjustments could come as soon as next year, said Torstein Tvedt Solberg, who represents Labor on the finance committee………………………………………..Full Article: Source

World’s Biggest Wealth Fund Faces Wider Ban on Coal Investments

Posted on 23 May 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund may be forced to step up divestments of coal companies and could face a wider ban on investments in other fossil fuels such as oil sands.
A majority of parties in Norway’s parliament want to tighten guidelines that prevent the $850 billion fund from owning companies that base more than 30 percent of their activities or revenues on thermal coal, according to a group lawmakers including opposition Labor, Norway’s biggest party. Adjustments could come as soon as next year, said Torstein Tvedt Solberg, who represents Labor on the Finance Committee………………………………………..Full Article: Source

Norway sovereign wealth fund will seek to join class action against Volkswagen

Posted on 17 May 2016 by VRS  |  Email |Print

Norway’s $850 billion sovereign wealth fund will seek to join a class-action lawsuit in Germany against Volkswagen following revelations the carmaker rigged the exhaust systems of 11 million diesel-powered cars worldwide to pass official emissions tests.
Norges Bank Investment Management “intends to join a legal action against Volkswagen arising out of that the company provided incorrect emissions data,” spokeswoman Marthe Skaar said in an e-mailed statement. NBIM manages the assets of Government Pension Fund Global, Oslo, which according to data compiled by Bloomberg owns 1.64% of Volkswagen. NBIM said it’s acting “to safeguard” the sovereign wealth fund’s holdings in the carmaker……………………………………….Full Article: Source

Temasek Raises Health-Care Bets, Adds More ADRs of JD.com

Posted on 17 May 2016 by VRS  |  Email |Print

Temasek Holdings Pte built holdings of U.S. drugmakers and health-care companies in the first quarter as the Singapore investment firm expands bets on industries that will benefit from rising life expectancies and a growing middle class in emerging markets.
The state-owned investor bought American depositary receipts of drugmaker Beigene Ltd. and added to holdings of health-care companies including Gilead Sciences Inc., Illumina Inc. and Regeneron Pharmaceuticals Inc., according to a Monday filing with the U.S. Securities and Exchange Commission………………………………………..Full Article: Source

Norway’s wealth fund to sue Volkswagen over emissions scandal

Posted on 16 May 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, said on Sunday it plans to join the class-action lawsuits filed against Volkswagen AG over the German automaker’s emissions scandal.
“Norges Bank Investment Management intends to join a legal action against Volkswagen arising out of that the company provided incorrect emissions data,” Marthe Skaar, the fund’s spokeswoman, said in a statement emailed to Reuters………………………………………..Full Article: Source

Muslim wealth funds stalk halal food acquisitions

Posted on 05 May 2016 by VRS  |  Email |Print

The most representative case is without a doubt that of the Qatar Investment Authority, Qatar’s sovereign wealth fund, which manages assets worth $304bn. In 2008, the fund spent $1bn on acquiring an investment arm specialising in the agriculture and livestock sector: Hassad Food.
With an investment horizon of 50 to 100 years, the vehicle’s mandate is to make investments in the agrifood sector so as to secure the supply of the country’s halal food in the long term and to obtain juicy returns………………………………………..Full Article: Source

Norway Wealth Fund Turns Up Climate Heat on Exxon, Chevron

Posted on 04 May 2016 by VRS  |  Email |Print

Norway’s $872-billion sovereign wealth fund, the world’s largest, said it would press U.S. oil majors ExxonMobil and Chevron to do more to report on the risks of climate change. The fund said on Tuesday it would vote in favor of shareholder proposals, opposed by both companies’ boards, which would require them to report more fully about the risks and opportunities of a changing climate.
Royal Dutch Shell and BP adopted similar policies last year, following shareholder pressure, it said. Exxon and Chevron both say they are already doing enough to report on climate risks………………………………………..Full Article: Source

Norway’s sovereign wealth fund joins pension funds on climate-risk reporting at Exxon Mobil

Posted on 04 May 2016 by VRS  |  Email |Print

Norway’s Government Pension Fund Global, Oslo, plans to vote in favor of shareholder proposals at Exxon Mobil Corp. sponsored by major pension funds calling for climate-change reporting and proxy access, said a statement posted on the website of Norges Bank Investment Management, which oversees the assets and proxy voting of the 7.08 trillion Norwegian kroner ($877 billion) fund.
The sovereign wealth fund held 35.3 million Exxon Mobil shares, as of Dec. 31, according to NBIM’s 13F filing with the Securities and Exchange Commission. The shares were valued at $3.1 billion in Tuesday’s midday trading of Exxon Mobil at $87.93 a share………………………………………..Full Article: Source

Nigeria: Health Ministry, NSIA Launch Healthcare Investments

Posted on 04 May 2016 by VRS  |  Email |Print

The Federal Ministry of Health and Nigeria Sovereign Investment Authority (NSIA) have launched a comprehensive healthcare investment program covering all the geo-political zones of the country.
The aim of the investment program is to catalyze private sector investment to bridge the healthcare infrastructure gap, contribute to the reduction of the disease burden and facilitate improvement of Healthcare in the country, NSIA said in a statement. It said, in addition, the program aimed to reverse the outflow of the over $1 billion per year spent by Nigerians on medical tourism………………………………………..Full Article: Source

Sovereign funds ignore climate risk

Posted on 02 May 2016 by VRS  |  Email |Print

World’s largest investors warned that environmental change will affect returns. The world’s largest government-backed investment funds have been accused of ignoring the risks climate change poses to their portfolios despite warnings it could hurt returns and make high-carbon investments worthless.
Research from the Asset Owners Disclosure Project, a non-profit organisation, has found no evidence that the sovereign wealth funds in Abu Dhabi, Kuwait, China, Saudi Arabia and Hong Kong have taken any action to factor climate change risks into their investment decisions………………………………………..Full Article: Source

Australian super fund comes second in global green rankings

Posted on 02 May 2016 by VRS  |  Email |Print

Some of Australia’s largest superannuation funds rank among the best in the world in protecting their members from the adverse effects of climate change. In a survey of superannuation funds and other “asset” managers, such as insurers and sovereign wealth funds, the Australian industry super fund for NSW public servants, Local Government Super, ranks second in the world.
It was beaten to first place by UK-based pension fund, The Environment Agency Pension Fund. The $120 billion Future Fund, Australia’s sovereign wealth fund, ranks No. 93 in the world………………………………………..Full Article: Source

These Companies Just Got Banned From the World’s Biggest Wealth Fund

Posted on 19 April 2016 by VRS  |  Email |Print

Back in June, the Norwegian government confirmed that it would sell off coal investments from its $900 billion sovereign wealth fund—the largest in the world. Late last week the unit of Norway’s central bank that manages the fund identified which companies would be cut. Of those named, 22 are based in the United States, including American Electric Power and Peabody Energy, which filed for bankruptcy on Wednesday.
Seven companies are from China. The bank said more exclusions will occur later this year. When it was announced earlier this year, the fossil fuel divestment was the largest of its kind and was expected to affect 122 companies worldwide and $9 billion to $10 billion worth of investments………………………………………..Full Article: Source

Dumping tobacco cost Norwegian oil fund $1.9bn

Posted on 18 April 2016 by VRS  |  Email |Print

Sovereign wealth fund’s loss may force investors to reconsider divestment from the sector. The Norwegian oil fund’s decision to dump tobacco companies has cost the world’s largest sovereign wealth fund $1.9bn in missed profits over the past decade.
The losses have prompted hardened campaigners for tobacco divestment to admit the economic arguments for shunning companies like Philip Morris and Imperial Tobacco are flawed, potentially leading other big investors to review their exclusion policies………………………………………..Full Article: Source

Norway’s sovereign wealth fund drops 52 companies linked to coal

Posted on 18 April 2016 by VRS  |  Email |Print

Norway’s $860 billion sovereign wealth fund has unveiled the first list of miners and power producers to be excluded from its portfolio following a ban on coal investments.
The 52 companies being barred include American Electric Power Co. Inc., China Shenhua Energy Co. Ltd., Whitehaven Coal Ltd., Tata Power Co. and Peabody Energy Corp., according to a statement from Norges Bank Investment Management, the unit of Norway’s central bank that manages the world’s biggest wealth fund………………………………………..Full Article: Source

Fossil fuelled fund not to invest in fossil fuel coal

Posted on 18 April 2016 by VRS  |  Email |Print

However has hit the coal market companies as Norway’s sovereign wealth fund, which is world’s biggest with $860 billion under management announced that it will no longer invest into 52 companies worldwide as they are too reliant on coal. These names include Drax in UK, Dynergy and FirstEnergy in US, Reliance and Tata Power in India.
We don’t want to get into specific names but the reason behind. According to the fund, future of coal is finite and future is renewables. World is steadily, especially the developed countries are steadily decarbonizing their energy sources………………………………………..Full Article: Source

Norway’s wealth fund drops 52 coal companies

Posted on 15 April 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s biggest, has excluded 52 coal-related companies after new ethical guidelines went into effect barring it from investing in such groups, Norway’s central bank said on Thursday. In June 2015, parliament agreed to pull the fund out of mining or energy groups which derive more than 30 percent of their sales or activities from the coal business.
The new directive went into effect on February 1. The fund, fuelled by Norway’s state oil revenues and currently worth around 7.11 trillion kroner (765.5 billion euros, $864 billion), has therefore sold its stakes in 52 companies, most of them American and Chinese, including Peabody Energy, the biggest US coal producer………………………………………..Full Article: Source

Norway’s Pension fund not to invest in CIL, NTPC, Reliance Power

Posted on 15 April 2016 by VRS  |  Email |Print

Norway’s Finance Ministry determines GPFG’s investment strategy, after advice from Norges Bank Investment Management and discussions in Parliament among others. Norway’s Government Pension Fund Global (GPFG), the world’s biggest, today said it has excluded 7 Indian firms from its portfolio including NTPC, CIL, Tata Power and Reliance Power.
The fund, managed by Norges Bank Investment Management on behalf of Norway’s Ministry of Finance, has in total excluded 52 firms which derive a “significant” portion of their revenues from coal………………………………………..Full Article: Source

Renewables still out of scope for Norway pension fund

Posted on 06 April 2016 by VRS  |  Email |Print

Norway’s Government Pension Fund Global (GPFG) will not be investing in renewable energy, the Minister of Finance said today, turning down a proposal for the expansion of the fund’s reach. “The GPFG has a financial target, and is not an instrument for promoting state investment in developing countries or renewable energy,” Siv Jensen said.
He noted that the Norwegian government is considering the establishment of a limited company to invest in firms that develop and use green technologies. More on this matter will be said in the revised 2016 budget, the minister noted. Renewable energy has been suggested as one of the possible investment areas under a proposal to allow the sovereign wealth fund to take interests in unlisted real estate and infrastructure………………………………………..Full Article: Source

Australia’s ‘future’ fund should not consider financing the energy projects of the past

Posted on 04 April 2016 by VRS  |  Email |Print

It was all over the news in India. The Indian finance minister Arun Jaitley would be meeting Future Fund chairman Peter Costello to discuss using the Fund to help finance Adani’s Carmichael coal mine.
There was no announcement of the meeting in Australia, but the questions must be asked: how should Australia’s sovereign wealth fund be used, and should it, a “future” fund, be considering the energy projects of the past? The prospect of Costello dedicating sovereign funds to the massive coal mine in the Galilee Basin is so misguided………………………………………..Full Article: Source

$1 trillion wasted on unneeded coal while Future Fund considers backing Adani

Posted on 04 April 2016 by VRS  |  Email |Print

There is almost $1 trillion in the pipeline for new coal developments, even as the sector is facing structural decline, a new report from The Sierra Club, Greenpeace and CoalSwarm has revealed.
And in Australia, as investors back away from Adani’s controversial Galilee Basin coal mine and superannuation companies haemorrhage members’ money on fossil fuel investments, our $118 billion sovereign wealth fund, The Future Fund, is considering bankrolling the project………………………………………..Full Article: Source

Norway’s wealth fund axes 11 firms over deforestation

Posted on 29 March 2016 by VRS  |  Email |Print

The world’s largest sovereign wealth fund last year dropped 11 companies over deforestation, including palm oil firms clearing rainforests in Indonesia, with one firm accused of using fire to the clear the land.
The decision by Norway’s US$830 billion (S$1.14 trillion) government pension fund underscores the growing clout the finance sector has in pushing companies to improve their environmental practices. Among the 11 were Genting Berhad and IJM Corp of Malaysia, and South Korea’s Posco and its subsidiary Daewoo International Corp………………………………………..Full Article: Source

Norway takes pathway to ethical investment with human rights policy

Posted on 21 March 2016 by VRS  |  Email |Print

The human rights strategy adopted by the world’s largest sovereign wealth fund shows that long-term gain relies on social and environmental sustainability. We may be on the brink of a real breakthrough in responsible investing thanks to a new policy on human rights adopted by Norway’s sovereign wealth fund.
Since 2013, a substantial segment of the palm oil industry and the buyers of their product have adopted strong forest conservation policies, often described as “No deforestation, no peat, no exploitation”. NGO campaigns and consumer reactions have built up the pressure. But when the world’s largest sovereign wealth fund, the Norwegian Government Pension Fund Global (GPFG), withdrew its investment in 23 palm oil companies in 2012, the news sent shockwaves through the industry………………………………………..Full Article: Source

Norwegian oil fund dumps Pimco and BTG Pactual

Posted on 14 March 2016 by VRS  |  Email |Print

Norway’s $830 billion oil fund has severed ties with Pimco, the bond house, and BTG Pactual, the Brazilian bank, as part of an overhaul of how the world’s largest sovereign wealth fund is run. The oil fund, which is considered one of the world’s most prestigious investors and which has become a prized client for big asset management companies, has invested with Pimco since at least 2013.
The sovereign fund pulled its money from the Californian bond house last year after widespread investor fears took hold about underperformance at some of Pimco’s largest fixed income funds and the acrimonious departure of its founder, Bill Gross, in late 2014………………………………………..Full Article: Source

Norway wealth fund against killer robots

Posted on 14 March 2016 by VRS  |  Email |Print

The ethics watchdog for Norway’s $830-billion sovereign wealth fund is taking the unusual step of warning companies against developing the next generation of weapons — robots that do not require human intervention to kill.
The world’s largest sovereign wealth fund, which invests the income from Norway’s oil industry, is so big that it owns 1.3 percent of the world’s listed company equity. It is required by law to restrict investments in companies on ethical grounds………………………………………..Full Article: Source

Fine tuning and tweaks keep the world’s biggest ethical investor in clover

Posted on 14 March 2016 by VRS  |  Email |Print

The ethics watchdog for Norway’s €765bn wealth fund will focus this year on identifying corruption in telecoms, arms and energy companies and expects to recommend that an increasing number of firms across all sectors be barred from investment.
By the end of 2016, the fund, which invests income from Norway’s oil and gas production, could add companies to its blacklist for emitting too much climate-changing gas, said the chairman of its independent ethics panel, Johan H Andresen. The ethics panel will also look into allegations of human rights abuses in Qatar’s building sector, Malaysia’s electronics goods industry and textile factories in some Asian countries………………………………………..Full Article: Source

Unlike Singapore, Norway’s sovereign wealth fund acts decisively against environmentally unfriendly companies

Posted on 14 March 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund, Government Pension Fund Global, the world’s largest sovereign wealth fund, dropped 11 companies in 2015 over their connections to forest destruction. Meanwhile in Singapore, our sovereign wealth funds, GIC and Temasek Holdings (TH), operate on a purely commercial basis in order to maximise long-term risk-adjusted returns.
Responding to Workers’ Party member Leon Perera’s question in Parliament if the Government monitors GIC and TH have investments in haze-linked companies; and if so, how much are the total investments of GIC and TH in these companies……………………………………….Full Article: Source

Sovereign Wealth Fund Not Immune From U.S. Securities Fraud Suit

Posted on 14 March 2016 by VRS  |  Email |Print

A U.S. court has ruled that a sovereign wealth fund is subject to U.S. securities fraud claims when U.S. investors rely on misrepresentations by the fund. Foreign investors can bring a claim if they can show a U.S. investor was harmed.
This recent decision offers reassurance to companies doing business with sovereign wealth funds that they have a forum for the resolution of disputes in the U.S. when the fund’s conduct “causes a direct effect in the United States.”……………………………………….Full Article: Source

Largest Sovereign Wealth Fund Drops 11 Firms over Deforestation

Posted on 11 March 2016 by VRS  |  Email |Print

Norway’s Government Pension Fund Global is divesting from the companies because of their involvement in rainforest destruction. The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global, has dropped 11 companies from its portfolio over their links to deforestation.
The GPFG, which oversee’s US$828 billion worth of funds, released its annual report for 2015 on Wednesday, revealing that it had excluded six palm oil companies, four pulp and paper companies, and one coal company based on their involvement in irresponsible deforestation practices………………………………………..Full Article: Source

Create Social Wealth Funds! It’s Time To Halt The Great Public Asset Boot Sale

Posted on 11 March 2016 by VRS  |  Email |Print

Britain’s public assets are now the subject of a giant boot sale. The great rolling privatisation juggernaut not only includes the £4bn Green Investment Bank, and the bailed-out Lloyds Bank but is now eyeing up assets like Channel 4 and the Met Office. The government hopes that together they will deliver £32bn in revenue this year alone from the sell-off.
Privatisation was originally sold as the route to Mrs Thatcher’s much vaunted ‘popular capitalism’. Yet shares bought by the public through privatisation have mostly been sold immediately. Far from spreading wealth, decades of sell-offs have merely skewed the economy even more heavily in favour of a few private owners helping to fuel Britain’s widening wealth and income gap………………………………………..Full Article: Source

Norway’s mega-fund sells coal-linked firms in climate drive

Posted on 10 March 2016 by VRS  |  Email |Print

Norway’s $830-billion sovereign wealth fund pulled out of 27 firms with links to coal last year as part of a policy to combat climate change, prompting campaigners to urge other big investors to follow suit.
The fund, the world’s biggest, also said it sold holdings in 11 companies because of concerns about the destruction of tropical forests to make way for palm oil plantations or fast-growing trees used for paper and pulp. It did not name the companies it dropped………………………………………..Full Article: Source

Norway Fund to Exclude San Leon Energy from Portfolio

Posted on 07 March 2016 by VRS  |  Email |Print

Norway’s sovereign wealth fund has excluded London-listed oil and gas explorer San Leon from its portfolio of investments, Norway’s central bank said on Friday. The company was excluded on the basis of a recommendation from the fund’s ethics council.
“The Council recommends the exclusion of San Leon Energy Plc from the Government Pension Fund Global because the company contributes to serious violations of fundamental ethical norms through its onshore hydrocarbon exploration in Western Sahara on behalf of Moroccan authorities,” the ethics council said in a separate statement………………………………………..Full Article: Source

Ireland’s SWF joins Strathclyde in L&G wind-energy fund

Posted on 02 March 2016 by VRS  |  Email |Print

The Ireland Strategic Investment Fund and Strathclyde Pension Fund are investing in a wind-energy strategy managed by Legal & General and NTR.
Ireland’s sovereign wealth fund committed €35m to the NTR Wind 1 vehicle, which will build an onshore wind portfolio in the UK and Ireland. Strathclyde committed €50m. The fund has closed, with a hard cap of €250m………………………………………..Full Article: Source

1MDB Foundation to send 150 from S’wak for haj programme

Posted on 29 February 2016 by VRS  |  Email |Print

A total of 150 imam and Village Development and Security Committee (JKKK) chairpersons from Sarawak will be picked to take part in a special haj programme under the 1MDB Foundation. Prime Minister Najib Abdul Razak said 75 imam and 75 JKKK chairpersons would be picked from the state.
The programme was started by the 1MDB Foundation in 2011 with 111 pilgrims nationwide. The number was boosted to 400 people in 2012, 800 (2013), 1,000 (2014) and 1,200 (2015)………………………………………..Full Article: Source

Sovereign Wealth Giant & Activist Investor Focused on Corporate Sustainability & Responsibility

Posted on 12 February 2016 by VRS  |  Email |Print

Many nations have created what can be defined as a “Sovereign Wealth Fund,” which hold assets in portfolio that are supposed to benefit the entire population, and usually, future generations of the country’s citizens. The first such fund was launched in 1954 by the oil-producing nation of Kuwait. Today, the largest such “SWF” is that of Norway – officially, the Norway Government Pension Investment Fund – with “wealth” now approaching US$1 trillion in Assets Under Management.
The Fund, managed by Norges Bank, invests in literally thousands of public companies. Consider: The fund invests in 9,000 companies in 75 countries (1.3% of the world’s listed companies; 2.4% of Europe’s listed companies). The funds come from Norway’s North Sea oil royalties………………………………………..Full Article: Source

Norway’s oil-based wealth fund sells out of more fossil fuel companies

Posted on 08 February 2016 by VRS  |  Email |Print

Norway’s huge sovereign wealth fund, the world’s biggest, has sold out of 73 companies in the past year because their social or environmental policies could hurt profitability. The Norwegian state pension fund’s annual report relating to “responsible investment” did not give the names of companies, but it indicated that most were coal or energy companies using coal, as well as those involved in mining, producing cement and heavy construction.
“We want to measure the risk in our investments,” said the head of the fund, Yngve Slyngstad, in a statement on Thursday. “We expect companies to communicate the impact of their activities on the environment and the factors that could affect their long-term profitability,” he said………………………………………..Full Article: Source

Norway’s $810bn wealth fund to question companies on human rights

Posted on 08 February 2016 by VRS  |  Email |Print

Norway’s $810-billion sovereign wealth fund, the world’s largest, said on Thursday it would raise its focus on global human rights to ensure that companies it invests in follow ethical standards. “We’re publishing our expectations for how companies manage human rights,” the fund said in a statement.
“Norges Bank Investment Management, as a financial investor, expects companies to respect human rights, and address human rights issues in their business practices.” The fund’s ethical rules prevent it from investing in companies that produce nuclear weapons, anti-personnel landmines, cluster bombs or tobacco, among other criteria………………………………………..Full Article: Source

Norway’s massive wealth fund pulls out of 73 companies

Posted on 05 February 2016 by VRS  |  Email |Print

Norway’s huge sovereign wealth fund, the world’s biggest, announced on Thursday it had sold out of 73 companies last year because their social or environmental policies could hurt profitability.
The Norwegian state pension fund’s annual report relating to “responsible investment” did not give the names of companies, but it indicated that most were coal or energy companies using coal, as well as those involved in mining, producing cement and heavy construction. “We want to measure the risk in our investments,” said the head of the fund, Yngve Slyngstad, in a statement………………………………………..Full Article: Source

Norway’s oil fund steps up pressure on multinationals

Posted on 05 February 2016 by VRS  |  Email |Print

Norway’s $810bn oil fund has revealed that it voted against proposals from some of the world’s biggest companies — including Apple, General Electric and JPMorgan — as it stepped up its push for more responsible investing.
On Thursday, the world’s largest sovereign wealth fund disclosed that it voted against 9,000 company-backed resolutions at annual meetings, with other companies sanctioned including ExxonMobil, AB InBev and Toyota………………………………………..Full Article: Source

The world’s largest sovereign wealth fund just announced a groundbreaking human rights policy

Posted on 05 February 2016 by VRS  |  Email |Print

Norway’s pension fund, the world’s largest sovereign wealth fund, has made it clear that it expects companies to respect human rights in all of their operations and across their entire supply chains. Norway’s pension fund, the world’s largest sovereign wealth fund, has made it clear that it expects companies to respect human rights in all of their operations and across their entire supply chains.
Norges Bank Investment Management (NBIM) announced a new policy this morning that outlines how it expects companies it invests in to address human rights issues in their business practices. NBIM manages the Norwegian Government Pension Fund Global, which has funds invested in some 9,000 companies in 75 countries………………………………………..Full Article: Source

UK: Create Sovereign Wealth Fund for Renewables Support, Calls Industry

Posted on 05 February 2016 by VRS  |  Email |Print

For renewables to be a commercial success and a sustained contributor to the UK’s energy mix, subsidy support needs to be delivered by the creation of a Sovereign Wealth Fund, agreed key stakeholders at a roundtable event hosted by environmental PR specialist, Prova.
Continual change and uncertainty surrounding renewables policy has seen clean energy investment stall in the UK. However, such technology plays a vital role in our national energy mix, particularly in terms of providing security against a fractious global market and achieving the low carbon future envisioned at the recent Paris COP………………………………………..Full Article: Source

Norway’s oil fund wary of corruption in Brazil firm

Posted on 29 January 2016 by VRS  |  Email |Print

Norway’s state pension fund, the world’s biggest sovereign wealth fund, said on Thursday it had placed Brazilian oil group Petrobras “under observation” because of corruption fears following a kickbacks scandal. The move means that the ethics council that advises the Norwegian central bank on the fund’s investments will follow developments closely, which could lead to the fund divesting its holding.
“Should further cases of gross corruption be revealed in Petrobras’ operations in the future and the company cannot satisfy that the anti-corruption programme is being complied with and effectively improved, the condition for exclusion may be met,” the council said in a statement………………………………………..Full Article: Source

Norway wealth fund’s ethics watchdog probing 14 corruption cases

Posted on 29 January 2016 by VRS  |  Email |Print

The ethics watchdog for Norway’s $800 billion sovereign wealth fund, the world’s largest, is stepping up its scrutiny of companies the fund invests in to make sure they are not involved in corruption, an official at the watchdog told Reuters.
Eli Ane Lund, administrative leader of the ethics council, said the watchdog was currently investigating 14 companies for suspected corruption across nine countries. These include Brazilian oil firm Petrobras, which is currently mired in the country’s biggest ever corruption scandal, she said, while declining to name the other companies………………………………………..Full Article: Source

Sovereign Fund of Angola supports social projects in seven provinces

Posted on 22 January 2016 by VRS  |  Email |Print

The Angola Sovereign Fund for Development (FSDEA) is financing 10 projects in health, education, water supply and entrepreneurship in the provinces of Cabinda, Bengo, Huambo, Bié, Cunene, Benguela and Kwanza Norte valued at US$12 million.
The Director of the FSDEA funded African Foundation for Innovation (FAI), Carlos Figueiredo, said that about 3,000 farming households and 15 micro and small businesses are being formed by the FAI to supply essential goods and services to communities, in partnership with the FSDEA………………………………………..Full Article: Source

Norwegian State Fund with Assets of 1 Qn Won Will Not Invest in Five Korean Companies: Why?

Posted on 20 January 2016 by VRS  |  Email |Print

Government Pension Fund Global (GPFG, Norway-owned investment fund), the world’s largest sovereign wealth fund with assets of 1 quadrillion won is not investing in five South Korean companies including POSCO and Daewoo International. The Norwegian state investment fund does not invest in companies producing tobacco or inhumane weapons of mass destruction such as cluster munitions, companies destroying the environment and companies with serious corruption problems.
On January 7, the GPFG announced that it would exclude ZTE, a Chinese smartphone manufacturer, from its investment portfolio due to issues of corruption. Now the number of companies throughout the world that the Norwegian fund refuses to invest in has increased to sixty-five………………………………………..Full Article: Source

Norway SWF blacklists China’s ‘corrupt’ ZTE

Posted on 08 January 2016 by VRS  |  Email |Print

Norway’s sovereign-wealth fund, the world’s largest, said Thursday it has excluded China’s ZTE Corporation from its portfolio after assessing corruption allegations made against the telecom equipment maker in several countries.
“The company is excluded based on an assessment of the risk of severe corruption,” said Norway’s central bank, which has the final word on ethically-based exclusions. The decision was based on an assessment by the fund’s Council on Ethics, which said the Chinese company is facing corruption allegations in 18 countries and is under formal investigation in 10 countries. In addition, the company has one conviction for corruption, it said………………………………………..Full Article: Source

Youth volunteers get cash grants from GIC

Posted on 04 January 2016 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is trying to encourage youth volunteerism by offering cash grants in return for 25 hours of community work. It has set aside $2 million for the scheme, called GIC Sparks & Smiles, and hopes to attract 200 students over four years.
The programme is open to those studying in universities, polytechnics and the Institute of Technical Education here. They also must come from households with a per capita income of below $2,000. They will be put through a one-day training course and will then be required to serve the community for 25 hours. In return, they get a cash grant of $3,000 to $5,000 that is up to them to spend………………………………………..Full Article: Source

Norway’s oil fund takes France’s Alstom off ethics risk list

Posted on 28 December 2015 by VRS  |  Email |Print

Norway’s $837 billion sovereign wealth fund, the world’s largest, has removed French engineering group Alstom SA off its ethics monitoring list, the fund said on Tuesday. The fund said Alstom was put on the list in 2011 when Norway’s finance ministry also put the French company under observation based on an assessment of possible risks of corruption in its operations.
The observation period was set for four years with the ministry asking the fund’s ethics council to monitor the company and follow developments in its anti-corruption efforts. The Norwegian central bank, which supervises the sovereign wealth fund, said on Tuesday that it had decided to end the monitoring on the advice of the fund’s ethics council………………………………………..Full Article: Source

Norway oil fund to make green investments

Posted on 16 December 2015 by VRS  |  Email |Print

Norway’s oil fund has asked to shift part of its vast $830bn holdings into green infrastructure projects such as wind turbines and solar energy parks in the wake of last week’s climate deal in Paris. Yngve Slyngstad, manager of the Norwegian Government Pension Fund, the world’s largest sovereign wealth fund, made the request in a letter to Norway’s Ministry of Finance, published in Norway’s Dagens Næringsliv business newspaper on Tuesday.
“The bank believes it will be possible to carry out investments in infrastructure for renewable energy with the same profitability requirements as other investments,” wrote Slyngstad and Jon Nicolaisen, the deputy governor of Norges Bank, which manages the fund………………………………………..Full Article: Source

Norway oil fund to target green energy, infrastructure if allowed

Posted on 09 December 2015 by VRS  |  Email |Print

Norway’s $850 billion sovereign wealth fund, the world’s largest, would invest in renewable energy, transport and grids if it were allowed to put money into unlisted infrastructure projects, the fund’s CEO told Reuters on Tuesday.
His comments came after the Norwegian central bank recommended the fund should be allowed to invest in such projects and to put a higher share of its assets in real estate, changes that could represent the biggest shift in the fund’s strategy since it was allowed to invest in real estate in 2010. “From our point of view the focus will be on the energy transition, renewable energy,” Yngve Slyngstad said in an interview on the margins of the Paris global climate talks, when asked what kind of infrastructure projects the fund could consider………………………………………..Full Article: Source

Rockefeller-inspired climate action mobilizes $3.4 trillion

Posted on 03 December 2015 by VRS  |  Email |Print

The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global; Glasgow University; the London School of Economics; the city of Muenster, Germany; and the Church of England are also divesting from the most heavily polluting fossil fuels.
“The movement started at college campuses”, observed Ellen Dorsey, executive director of Wallace Global Fund, one of the driving forces behind the Divest/Invest initiative. “The snowball is rolling,” she said………………………………………..Full Article: Source

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