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Norway’s Sovereign Wealth Arm Takes Aim at Ocean Sustainability

Norges Bank Inv. Mgmt., Norway’s sovereign wealth fund, has announced its interest in curbing the pollution of oceans through its investment decisions. Addressing an issue near and dear to Norway’s Prime Minister and historical economy, the $676 B fund is alerting portfolio companies, primarily in ocean-based industries (shipping, offshore oil and gas, offshore wind, wild-catch fisheries, aquaculture and marine tourism among others) to follow stricter guidelines on polluting the ocean (acknowledging the UN Convention on the Law of the Sea) and incorporating sustainability efforts into their businesses (cue the UN Sustainable Development Goal #14: Life Below Water). Therein, the asset manager seeks to engage with the boards of relevant companies to usher in integration of strategic policies, goals and enhanced disclosure surrounding ocean sustainability.