"To Become a Leader, You Need to Lead"

The Norwegian Government Pension Fund Global (GPFG), the world’s largest sovereign wealth fund, remains heavily exposed to fossil fuels despite its stated ambition to lead on responsible investment and climate risk. In a new submission to Norway’s Gjedrem Committee, Urgewald calls for a fundamental update of the fund’s coal, oil and gas criteria.

Urgewald’s analysis finds that the GPFG is invested in companies responsible for 18% of global coal power capacity and 44% of global oil and gas production. While many major European banks, insurers and pension funds have tightened fossil fuel restrictions, excluded coal developers and set coal phase-out dates, the GPFG’s policies have largely remained unchanged.

Urgewald urges the Committee to introduce stronger coal exclusion thresholds, end investments in coal developers, establish clear coal phase-out timelines and restrict investments in oil and gas companies that continue to expand fossil fuel production.