Responsible investment

The fund exists to help finance the Norwegian welfare state for future generations. The future value of the fund depends on sustainable growth, well-functioning markets and value creation at the companies we invest in.

Our expectations

We express clear expectations of the companies and markets we invest in.

Our voting

To protect the fund’s assets, we aim to vote at all shareholder meetings.

What is responsible investment?

The fund’s long-term return is dependent on sustainable economic, environmental and social development. As we own a small slice of most of the world's largest companies, we have the ability to influence how they operate. We aim to promote long-term value creation at the companies and minimise negative effects on the environment and society. This is how responsible investment contributes to the the fund's objective of highest possible return with acceptable risk.

Explore
Our expectations
Voting
Engaging with companies
Sustainability due diligence
How we influence markets and industries
2030 Climate action plan
Divesting from companies
Ethical exclusions
Consultations
Position papers
Norges Bank Climate Conference

How we work with companies on sustainable growth

The fund’s future value is dependent on the value created by the companies we invest in. We therefore monitor their performance – how they are run and how they impact on the environment and society. We call this active ownership.

We express clear expectations

We express clear expectations for how the companies in our portfolio should address global challenges. We assess how they report on their work in specific areas, and engage with selected companies on making improvements.

We monitor and engage with companies

We identify and manage risks that could affect the value of the fund. We engage with companies that expose us to unacceptable ESG risk. In some cases, we may divest from them completely.

We vote at shareholder meetings and interact with board and management

To protect the fund’s assets, we aim to vote at all shareholder meetings. As a large, long-term investor, we also have an ongoing dialogue with companies’ board and management.

International standards

As a market participant in 70 countries, we benefit from well-functioning and legitimate markets, global solutions to common challenges, and generally agreed international standards. We also support academic research.

How we work with climate and the environment

Our ambition is for our portfolio companies to achieve net zero emissions by 2050.

It is the goal of our responsible investment management for our portfolio companies to align their activities with global net zero emissions in line with the Paris Agreement.

2030 Climate action plan

On 22 October, we published our 2030 Climate action plan, building on the achievements of our 2025 plan while setting clear priorities for the next five years. The climate action plan was presented at Norges Bank. We reviewed what has been achieved so far and outlined our priorities for the decade ahead.

We must constantly develop and improve our work on responsible investment if we are to be able to safeguard the fund’s assets and create prosperity for future generations.
Carine Smith Ihenacho
Chief Governance and Compliance Officer

The Council of Ethics

The Council on Ethics assesses the companies that the fund invests in and may identify companies for possible exercise of ownership. The Council on Ethics informs Norges Bank about companies that have been identified.

The government has appointed a committee to review the ethical framework. The committee will deliver its report by 15 October 2026. Pending a new framework, the Ministry of Finance has established temporary ethical guidelines. The Council on Ethics will continue to monitor the fund’s investments and provide information on companies that can be followed up through active ownership, but will not recommend observation or exclusion.

Latest events

Norges Bank Climate Conference

Norges Bank Climate Conference explored how climate change and the energy transition affect the macroeconomy and financial markets.

The conference featured keynote speeches from President Christine Lagarde (European Central Bank) and former US Vice President Al Gore (Chairman, Generation Investment Management), alongside presentations by distinguished academic speakers such as Bård Harstad (Stanford University), Solomon Hsiang (Stanford University) and Harrison Hong (Columbia University).

The conference took place on 21 October at our Oslo office.

Press conference: Responsible investment 2024

Chief Governance and Compliance Officer Carine Smith Ihenacho and Global Head of Active Ownership Wilhelm Mohn presented our work on responsible investment management in 2024. 

Latest report on responsible investment

In 2024, we made progress in line with our 2025 Climate action plan, made further renewable energy investments and increased our transparency. CEO pay remained a priority for us and we advocated for simpler and longer-term incentives. To mitigate financial risk for the fund, we divested from companies with unsustainable business models.