The world’s largest wealth fund, Norway Government Pension Fund Global, will decarbonize its holdings by pushing firms to cut greenhouse gas emissions to zero by 2050, the fund management company, Norges Bank Investment Management (NBIM), announced Tuesday, according to Anadolu Agency.

NBIM published a new 2025 climate action plan and set targets for net zero emissions by 2050 for all companies on its portfolio.

NBIM considers climate change one of the greatest challenges of this century and wants to take appropriate action to meet the goals of the Paris Climate Agreement.

‘In addition to serious consequences for the world’s climate and living conditions for human beings, the changes will result in considerable risk for the global economy. Through ownership in more than 9,000 companies in 70 countries, the climate risk of the fund reflects the climate risk of the global economy,’ the company explained.

It added that the fund, which controls more than $1.2 trillion in assets, has a clear financial interest in reaching the goals of the Paris Agreement.

‘Our goal is to be the world’s leading investor in terms of how climate risk is managed. Our long-term return will depend on how the companies in our portfolio manage the transition to a zero emissions society,’ said CEO of NBIM, Nicolai Tangen.

Source: Azerbaijan State News Agency