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Sovereign wealth funds as a new instrument of climate protection policy? : A case study of Norway as a pioneer of ethical guidelines for investment policy

  • In 1990 a sovereign wealth fund was founded in Norway in which the country invests surpluses from oil and gas industry sales. The fund is designed to secure the state's ability to act in a post-petroleum era. At the end of the 1990's the voice of Norwegian civil society insisted that the sovereign wealth fund should not only ensure intergenerational justice, but should also contribute to the implementation of values and norms of the present country. At the end of 2004 the parliament finally agreed upon ethical regulations for the investment of the sovereign wealth fund. Now the second largest sovereign wealth fund in the world only invests in businesses that adhere to those ethical regulations. In the present paper, I seek to illustrate theIn 1990 a sovereign wealth fund was founded in Norway in which the country invests surpluses from oil and gas industry sales. The fund is designed to secure the state's ability to act in a post-petroleum era. At the end of the 1990's the voice of Norwegian civil society insisted that the sovereign wealth fund should not only ensure intergenerational justice, but should also contribute to the implementation of values and norms of the present country. At the end of 2004 the parliament finally agreed upon ethical regulations for the investment of the sovereign wealth fund. Now the second largest sovereign wealth fund in the world only invests in businesses that adhere to those ethical regulations. In the present paper, I seek to illustrate the emergence and outcomes of this new development in the Norwegian sovereign wealth fund.show moreshow less

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Metadaten
Document Type:Peer-Reviewed Article
Author:Danyel T. Reiche
Year of Publication:2010
Language:English
Source Title (English):Energy
DOI:https://doi.org/10.1016/j.energy.2010.04.030
Volume:35
Issue:9
First Page:3569
Last Page:3577
Division:Zukünftige Energie- und Mobilitätsstrukturen
Dewey Decimal Classification:320 Politik