Stockholm (NordSIP) – Norges Bank Investment Management (NBIM) has announced the establishment of a new Climate Advisory Board that will include four external members: Jody Freeman, Bjørn Otto Sverdrup, Jennifer Morris and Huw van Steenis.
Freeman is a Professor of Law at Harvard University and Director of its Environmental and Energy Law programme. She also sits of the Board of ConocoPhillips as Chair of its Public Policy Committee. Sverdrup is Chair of the Executive Committee at the Oil and Gas Climate Initiative (OGCI). Morris is Chief Executive Officer at US-based environmental non-profit organisation the Nature Conservancy. Huw van Steenis is Vice Chair and Partner at management consulting firm Oliver Wyman.
2025 Climate Action Plan
NBIM, which managed Norway’s EUR 1.2 trillion Government Pension Fund Global, is setting up the Climate Advisory Board as part of its 2025 Climate action plan. The broad aims of the plan are to align portfolio companies with a 2050 net-zero target and better manage the portfolio risks associated with the transition to a low-carbon economy. NBIM wants to achieve a high level of transparency by 2025, with the net-zero target supported by forward-looking implied temperature metrics on the equity and corporate bond portfolios. They also intend to report on climate-related engagement efforts, including the adoption of science-based targets by equity portfolio companies.
Commenting on the appointment of the four external advisory board members, NBIM Chief Governance and Compliance Officer Carine Smith Ihenacho said: “they will provide a wide breath of relevant climate expertise spanning academia, civil society, sustainable finance and business. We are confident they will help us maintain leadership in managing climate-related risks as an owner of companies through the climate transition.”
Given its fossil fuel industry origins, there will be particular interest in the Pension Fund Global’s moves towards net-zero. The fund’s enormous size affords it the potential to make a significant impact on global efforts to mitigate climate change via its shift to transition investing.
Image courtesy of Norges Bank (Photo by Esten Borgos)
Stockholm (NordSIP) – Norges Bank Investment Management (NBIM) has announced the establishment of a new Climate Advisory Board that will include four external members: Jody Freeman, Bjørn Otto Sverdrup, Jennifer Morris and Huw van Steenis.
Freeman is a Professor of Law at Harvard University and Director of its Environmental and Energy Law programme. She also sits of the Board of ConocoPhillips as Chair of its Public Policy Committee. Sverdrup is Chair of the Executive Committee at the Oil and Gas Climate Initiative (OGCI). Morris is Chief Executive Officer at US-based environmental non-profit organisation the Nature Conservancy. Huw van Steenis is Vice Chair and Partner at management consulting firm Oliver Wyman.
2025 Climate Action Plan
NBIM, which managed Norway’s EUR 1.2 trillion Government Pension Fund Global, is setting up the Climate Advisory Board as part of its 2025 Climate action plan. The broad aims of the plan are to align portfolio companies with a 2050 net-zero target and better manage the portfolio risks associated with the transition to a low-carbon economy. NBIM wants to achieve a high level of transparency by 2025, with the net-zero target supported by forward-looking implied temperature metrics on the equity and corporate bond portfolios. They also intend to report on climate-related engagement efforts, including the adoption of science-based targets by equity portfolio companies.
Commenting on the appointment of the four external advisory board members, NBIM Chief Governance and Compliance Officer Carine Smith Ihenacho said: “they will provide a wide breath of relevant climate expertise spanning academia, civil society, sustainable finance and business. We are confident they will help us maintain leadership in managing climate-related risks as an owner of companies through the climate transition.”
Given its fossil fuel industry origins, there will be particular interest in the Pension Fund Global’s moves towards net-zero. The fund’s enormous size affords it the potential to make a significant impact on global efforts to mitigate climate change via its shift to transition investing.
Image courtesy of Norges Bank (Photo by Esten Borgos)
