Photo: Getty images
Norway’s $1.8 trillion sovereign wealth fund, the world’s largest, should invest more in addressing global issues such as climate change, healthcare and sustainable development, even if it means less financial return.
This is stated in the report of a civic council formed by 56 randomly selected Norwegians, which worked on recommendations for the parliament from January to May, Reuters reports.
“A certain percentage of the fund should be set aside for sustainable development in developing countries – even if this involves higher risks and lower returns,” the document says.
Where to invest? Energy, education, innovation
Among other offers:
- allocate funds for education, science, research, and innovation instead of administrative expenses;
- invest more quickly in green energy projects outside Norway, such as wind or solar power plants;
- to prescribe clear rules for the use of the fund in the event of global crises such as war or pandemics.
Ethics above all else
These recommendations come as the fund is actively divesting from companies that do not meet ethical standards. For example, it recently divested itself of shares in Israeli Paz Energy for supplying fuel to illegal settlements, as well as Mexican Pemex for “unacceptable levels of corruption risk”.
17-year-old council member Lill Ludvigsen from Trondheim:
“We came from different parts of the country, but we share common values: responsibility, equality, sustainability.”
