Norges Bank Investment Management (NBIM), the investment manager for Norway’s $1.4 trillion oil fund, has announced its 2030 Climate Action Plan. This plan details NBIM’s updated strategy for managing financial risks and opportunities related to climate change, in line with its mandate for portfolio companies to align with global net zero emissions by 2050.
The revised plan strengthens the connection between NBIM’s investment objectives and climate goals, with increased attention on physical climate risk and nature loss. It broadens the fund’s engagement with a wider array of portfolio companies and topics, including climate resilience, nature, and corporate policy advocacy.
NBIM, tasked with managing revenues from Norway’s oil and gas resources, has grown into the world’s largest sovereign wealth fund. It holds approximately 1.5% of all shares in listed companies globally, with investments in around 8,500 companies.
This publication follows the 2022 release of NBIM’s [2025 Climate Action Plan](https://www.esgtoday.com/norways-1-2-trillion-oil-fund-asks-all-portfolio-companies-to-set-net-zero-goals/), which set a target for net zero emissions across all companies by 2050. The plan included climate-related expectations, such as requiring portfolio companies to set net zero goals. Last year, NBIM [outlined its climate-related expectations](https://www.esgtoday.com/norways-1-4-trillion-oil-fund-tells-portfolio-companies-not-to-count-carbon-credit-towards-interim-climate-goals/) for companies, including disclosing value chain emissions, reporting on climate risks, and implementing transition plans. It also initiated an “engage-to-change” approach, targeting companies representing 70% of its equity portfolio’s financed Scope 1 and 2 greenhouse gas emissions.
NBIM reports that it has engaged with companies responsible for 71% of its financed emissions, opposed directors at 69 companies for inadequate climate risk management, divested from 44 companies due to climate risk, and increased the proportion of portfolio companies’ emissions covered by science-based net zero targets to 76% from 57%.
The new 2030 plan focuses on key strategic priorities, such as strengthening links between investment objectives and climate work, engaging with companies on net zero targets and climate transition plans, and enhancing focus on nature, physical climate risk, adaptation, and resilience.
CEO Nicolai Tangen emphasised the importance of engagement, describing it as central to NBIM’s efforts to encourage portfolio companies to transition to net zero emissions by 2050. The new plan includes expanding the climate focus list to encompass companies with the highest Scope 3 emissions and those vulnerable to physical climate and nature risks. NBIM also plans to enhance its emphasis on physical climate risk, adaptation, and resilience, and scrutinise the intersection of climate change and corporate policy advocacy.
NBIM intends to update its expectations for companies to reflect its increased focus on physical climate risk, adaptation, resilience, nature, and corporate policy advocacy. Additional priorities include strengthening standards and methodologies for climate and nature-related financial disclosures, target-setting, and scenario analysis, as well as integrating AI and proprietary analytics in climate risk management.
Tangen stated: “Climate risk is financial risk. Our long-term returns depend on how the global economy manages physical climate risk and the energy transition. The global economy cannot outrun climate change, so neither can our investments.”
For more information, access NBIM’s [2030 Climate Action Plan](https://www.nbim.no/en/responsible-investment/2030-climate-action-plan/).
