abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb
Company Response

17 Sep 2018

Norges Bank Investment Management response

Full response sent via email

We do not recognise the numbers you are referring to. This is also conveyed to Inclusive Development, without getting any further input to their methods or calculations. According to our public holding list you will find that we own only two of the companies that own the plants/projects you refer to, and that the corresponding holdings are much lower that the number you refer to.


The Ministry of Finance has issued specific Guidelines for Observation and Exclusion from the Government Pension Fund Global, based on criteria endorsed by the Storting – the Norwegian parliament.

On 1 February 2016, the Ministry of Finance added two new criteria to the Guidelines for Observation and Exclusion: a conduct-based climate criterion and a product-based coal criterion. For the coal criterion, the Executive Board of Norges Bank is responsible for excluding companies without a prior recommendation from the Council on Ethics. The coal criterion means that observation or exclusion may be decided for two categories of companies. The first category relates to mining companies that derive 30 percent or more of their income from extraction of thermal coal. The second relates to power producers that derive 30 percent or more of their income from power production, and where 30 percent or more of their power production is based on thermal coal. We will then assess the company’s future product and fuel mix transition and, for power producers, the share of renewables in company power generation, before companies are recommended for exclusion or observation.

 In 2017, we continued our work related to this criterion and made public the third tranche of coal exclusions. This resulted in Norges Bank excluding ten companies in 2017 and putting two under observation. In addition, we also performed a full review of all companies placed under observation in 2016 in order to assess the status of their business plans.

 For more information please read our report on Responsible Investment:

https://www.nbim.no/contentassets/67c692a171fa450ca6e3e1e3a7793311/responsible-investment-2017---government-pension-fund-global.pdf and the list of excluded companies on the web: https://www.nbim.no/en/responsibility/exclusion-of-companies/

Story Timeline