Norway's oil fund backs more focus on climate change at BP, Shell

(Reuters, 15 Apr 2015) Norway's oil fund, the world's biggest sovereign wealth fund, said on Wednesday it would back a proposal from shareholders of BP and Royal Dutch Shell for further information from the companies on risks and opportunities associated with climate change.

The $885 billion Fund, which invests revenues from Norway's offshore oil and gas production, disclosed its voting intentions for the first time ahead of the companies' shareholders meeting, in line with its previously announced strategy to increase transparency.

"As a long-term investor, we believe that the identification of future scenarios for climate regulation, carbon pricing, and environmental conditions is a useful tool to support strategic decision-making and we thereby support these resolutions," said Petter Johnsen, the Fund's chief investment officer equity strategies.

The information on climate change is proposed to be included as a part of the companies' annual reporting from 2016.

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Reuters, 15 Apr 2015: Norway's oil fund backs more focus on climate change at BP, Shell