Norway’s pension fund sell stake in 60 firms including palm oil over deforestation
Norway’s $1 trillion sovereign wealth fund, the world’s largest, has pulled out of more than 33 palm oil companies over deforestation risks during the last seven years, a green group said on Thursday.
Norway’s Government Pension Fund Global (GPFG), which released its annual report on Wednesday, sold stakes in more than 60 companies due to deforestation – including 33 firms involved in palm oil – Rainforest Foundation Norway said. “It’s great to see that the GPFG is taking action against deforestation,” Vemund Olsen, a senior policy adviser at the Oslo-based group said on Thursday.
“The divestments should be seen as a warning shot to those investors and companies still involved in deforestation,” Olsen, whose group has monitored the GPFG’s investments since 2010, told the Thomson Reuters Foundation. As the world’s most widely used edible oil, palm oil is found in everything from margarine to biscuits and soap to soups, as well as in biofuel.
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