- Norway’s $1.4tn oil fund will back shareholder proposals at ExxonMobil’s and Chevron’s annual meetings next Wednesday for the US oil and gas majors to introduce targets for cutting greenhouse gas emissions.
- The oil fund has refused to back similar proposals at European majors such as BP, Shell, and TotalEnergies, the French group.
- The fund's chief corporate governance officer, Carine Smith Ihenacho, said there was a difference between how European and US oil majors viewed so-called Scope 3 emission targets.
- Norway’s oil fund is one of the most influential investors, owning on average 1.5 per cent of every company globally.
- The fund has started filing its own shareholder resolutions on climate change at US companies.
Norway’s oil fund sides with climate activists against ExxonMobil and Chevron
World’s biggest sovereign wealth fund attempts to force policy change at US groups despite backing European oil majors
Richard Milne
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