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6 Jul 2023

Council on Ethics for the Government Pension Fund Global (Norway)

Norway: Government Pension Fund excludes PowerChina from investment portfolio due to environmental threat posed by Batang Toru hydropower project in Indonesia

"Power Construction Corp China Ltd" 6 July 2023

The Council on Ethics recommends that Power Construction Group of China Ltd (PowerChina) be excluded from investment by the Norwegian Government Pension Fund Global due to an unacceptable risk that the company is contributing to, or is itself responsible for, serious environmental damage.

PowerChina is a Chinese multinational company that engages in the construction of hydropower schemes and operation of power stations. Its subsidiary Sinohydro Corp Ltd, is responsible for the construction and operation of the Batang Toru hydropower project, which lies in North Sumatra,  Indonesia. [...]

PowerChina has not replied to the Council’s queries.

The Council concludes that the construction of the hydropower project in Batang Toru will have a destructive and permanent impact on the environment, which will pose a serious threat to the survival of this orangutan species as well as other critically endangered species.

The Council on Ethics submitted its recommendation on 14 February 2023. Norges Bank published its decision to exclude the company on 6 July 2023.