World’s Largest Sovereign Wealth Fund Divests Stocks of “Polluters”
With a portfolio of nearly $900 billion, the Government Pension Fund Global of Norway is the world’s largest sovereign wealth fund. So when its chief investment manager, Yngve Slyngstad, speaks, markets listen. His comments at COP21 outlined a strategy to move investments out of polluting businesses, according to The New York Times. The Fund has sold stocks of coal companies and palm oil producers that damaged tropical rain forests, and plans to sell stocks of utilities that do not have a plan to reduce their coal use to 30 percent. With stakes in nearly 10,000 companies as well as the fund’s huge size, the investment community will be paying close attention to how Mr. Slyngstad’s sustainability strategy plays out.
John Howell, Editorial Director
Report Alert: IKEA - FY 15 Sustainability Report