As its wealth fund goes green, Norway’s firms struggle to keep up
▻https://www.reuters.com/article/us-norway-swf-climatechange/as-its-wealth-fund-goes-green-norways-firms-struggle-to-keep-up-idUSKBN1GG0
Many Norwegian companies lag high standards for reporting their impact on the environment that the Nordic nation’s $1 trillion wealth fund is championing abroad in 2018.
The world’s biggest sovereign wealth fund, which is barred by the Norwegian government from investing at home, wants the 9,100 companies in which it holds stakes to submit data on issues such as water use and climate effects to London-based non-profit group CDP, formerly the Carbon Disclosure Project.
In Norway, just two firms - DNB bank and property firm Entra - were on a CDP list of 160 “A” rated performers worldwide for disclosure in 2017. That was comparable to other Nordic nations but not exemplary, CDP data show.
Norway’s state-controlled oil group Statoil got an “F” grade for disclosure of fresh water use - a core focus area for the fund abroad - after it declined to take part in the CDP survey.
On climate change reporting, including tracking greenhouse gas emissions, Statoil got a strong “A-“.