• 101 days Could Crypto Overtake Traditional Investment?
  • 106 days Americans Still Quitting Jobs At Record Pace
  • 108 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 111 days Is The Dollar Too Strong?
  • 111 days Big Tech Disappoints Investors on Earnings Calls
  • 112 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 114 days China Is Quietly Trying To Distance Itself From Russia
  • 114 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 118 days Crypto Investors Won Big In 2021
  • 118 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 119 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 121 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 122 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 125 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 126 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 126 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 128 days Are NFTs About To Take Over Gaming?
  • 129 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 132 days What’s Causing Inflation In The United States?
  • 133 days Intel Joins Russian Exodus as Chip Shortage Digs In
5 Things To Do With $1,000 Right Now

5 Things To Do With $1,000 Right Now

If you’ve got an extra…

Is The Real Estate Boom On Its Last Legs?

Is The Real Estate Boom On Its Last Legs?

A super hot real estate…

  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Most of the exclusions withdrawn were those made on ethical grounds, the fund’s Council on Ethics said in a statement.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