• 2 hours The Countries Hit Hardest By COVID-19
  • 4 hours China's $700 Billion Infrastructure Package Sends Copper Soaring
  • 5 hours Are Investors Ignoring The Largest Financial Risk Ever?
  • 22 hours Americans Are Counting On Another COVID Stimulus Check
  • 1 day What's Next For Hong Kong?
  • 2 days Bitcoin Fails To Stay Above $10,000
  • 2 days Bill Gates And Big Oil Chase The Dream Of Nuclear Fusion
  • 2 days Top Jeweler To Use Only Recycled Gold And Silver
  • 3 days America’s Multi-Front Meltdown
  • 3 days Gold Up As U.S. Civil Unrest Escalates
  • 3 days How BlackRock Became King Of ESG Investing
  • 4 days Americans Don’t Care if TikTok Is A Security Threat
  • 5 days What’s Next In The Trump vs. Twitter Drama?
  • 6 days Escalating Tensions Could Crush $52 Billion China-U.S. Energy Deal
  • 7 days The Fed Is Printing Money At Unprecedented Levels
  • 7 days How Is The Real Estate Market Handling COVID-19?
  • 7 days Gold Flat As Markets Await Fed Chair Speech
  • 7 days What Is Day Trading And Is It Right For You?
  • 7 days Energy CEOs See Big Payouts Despite Oil Price Crash
  • 7 days Saudi Arabia Is Fighting A War On Two Fronts
Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Investing
  3. Other

World's Largest Wealth Fund Dives Back Into Oil

Oil

Norway’s $1 trillion wealth fund has made a U-turn while on its way out of investments linked to fossil fuels, some big corporations with claims of human rights abuses against them, and a broad range of emerging-market bonds, by revoking a decision approved earlier this month by the country’s parliament.

Most of the exclusions withdrawn were those made on ethical grounds, the fund’s Council on Ethics said in a statement. Among them, one of the high-profile cases is Walmart’s, which had been excluded from the list of companies the fund can invest in for more than a decade.

According to the council, Walmart has made “positive developments” in monitoring its suppliers, “actively” engaging in “Selected, high-risk areas in order to help bring about improvements in working conditions,” it said in a separate letter.

The fund, one of the world’s largest investors, will also resume investing in world’s No. 2 mining company Rio Tinto, Mexican tycoon Carlos Slim’s Grupo Carso, US defense company General Dynamics, Canada’s fertilizer giant Nutrien.

Reinvestments will likely take place “within an appropriately long timeframe,” said the central bank’s board, which manages the fund, without providing a timeline. Related: Amazon Set To Leave Many Of Its Long-Time Vendors

Rio Tinto (ASX, LON: RIO) was excluded in 2008 based on the risk of causing severe environmental damage related to Indonesia’s Grasberg mine, the world’s second-largest copper mine.

Nutrien (TSX, NYSE: NTR) has been out since 2011, following an assessment of the risk of violations of fundamental ethical norms related to the company’s operations in Western Sahara, a contested territory between Morocco and the Algerian-backed Polisario since Spain left in 1974.

The Council on Ethics said the grounds for exclusions in all those cases were no longer present.

By Mining.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment