Tobacco.org

• Norway’s fund plans move out of tobacco 

Norway has proposed new ethical guidelines that will see its Government Pension Fund, Europe’s largest pension fund, exit tobacco investments and screen companies for climate and tax haven violations.

In addition, the NKr2,300bn (£233bn, €259bn, $344bn) fund plans to earmark NKr20bn for investments in “environmentally friendly” companies over a five-year period and possibly target “sustainable” growth in emerging markets.

The new rules are part of a series of reforms presented by the finance ministry in a white paper to parliament on April 3, concluding the most exhaustive review of the fund’s ethical guidelines since they were first introduced five years ago.

But critics say the fund should focus on making money instead of taking on more risk in emerging markets and imposing further restrictions on its portfolio holdings after suffering an unprecedented loss of NKr633bn on its investments last year.

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