Norway’s sovereign fund to vote against climate resolution at BP

Norwegian sovereign wealth fund, worth an estimated $1.4 trillion, one of the world’s largest investors, said on Saturday it would vote against a resolution calling on British oil giant BP to adopt stricter greenhouse gas reduction targets.

While BP is already aiming to reduce carbon emissions, the proposal by activist group Volo ahead of a shareholder meeting on April 27 calls on the company to align with the Paris Climate Agreement’s goal of reducing global warming.

Norges Investment Management Bank, which manages the Norwegian Fund, said last year that it plans to take a tougher stance towards companies that do not adopt reliable climate plans.

It is worth mentioning that the Norwegian fund, which built itself on oil and gas revenues, owns 2.73 percent of BP’s British shares, valued at about $2.8 billion at the end of 2022.