Norwegian Oil Fund linked to US Senate anti-environmental lobby / News / The Foreigner

Norwegian Oil Fund linked to US Senate anti-environmental lobby. A major Norwegian aid organisation reveals the Oil Fund invests in several large companies that sponsor US senators who oppose President Obama’s Climate Bill. “We believe these investments contravene the fund’s own investment management regulations,” Atle Sommerfeldt, General Secretary of Norwegian Church Aid (NCA/Kirkens Nødhjelp) tells Aftenposten. In cooperation with the Climate Action Network (CAN) and Aftenposten, NCA has discovered the Oil Fund (Government Pension Fund – Global) has invested in at least 12 major companies.

oil, government, pension, fund, global, us, un, senate, climate, bill, president, barack, obama, investments, norwegian, church, aid, atle, sommerfeldt, kirkens, noedhjelp, norges, bank



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Norwegian Oil Fund linked to US Senate anti-environmental lobby

Published on Friday, 29th October, 2010 at 16:03 under the news category, by Michael Sandelson   .

A major Norwegian aid organisation reveals the Oil Fund invests in several large companies that sponsor US senators who oppose President Obama’s Climate Bill.

US Senate Session Chamber (illus. ph.)
US Senate Session Chamber (illus. ph.)
Photo: PD-USGOV/Wikimedia Commons


“We believe these investments contravene the fund’s own investment management regulations,” Atle Sommerfeldt, General Secretary of Norwegian Church Aid (NCA/Kirkens Nødhjelp) tells Aftenposten.

In cooperation with the Climate Action Network (CAN) and Aftenposten, NCA has discovered the Oil Fund (Government Pension Fund – Global) has invested in at least 12 major companies.

Several senators who receive support from these companies, estimated to be 5.2 billion kroner for this year alone, also deny climate change is partly the direct result of human activity.

Sommerfeldt believes UN climate negotiations suffer major problems because America has no national climate bill. This is the main obstacle that prevents the US obligating itself to reduce its greenhouse gas emissions.

“Sabotaging work on a new climate deal is as serious as sponsoring child labour from Norway’s point of view,” says Sommerfelt.

Amongst other things, the fund’s guidelines stipulate, “companies are expected to have a constructive dialogue with authorities about rules that counteract climate change.”

NCA believes the fund should withdraw its investments from these companies if this looks unlikely.

“Norges Bank Investment Management (NBIM) expects companies disclose their position regarding potential climate legislation and regulation. We also expect that companies are transparent in terms of their interaction with legislators and other standard-setters, as well as related donations and funding,” NBIM division manager Anne Kvam writes in an SMS to Aftenposten.



Published on Friday, 29th October, 2010 at 16:03 under the news category, by Michael Sandelson   .

This post has the following tags: oil, government, pension, fund, global, us, un, senate, climate, bill, president, barack, obama, investments, norwegian, church, aid, atle, sommerfeldt, kirkens, noedhjelp, norges, bank.





  
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