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Report from the expert group on investments in coal and petroleum companies

An expert group appointed by the Ministry of Finance today presents its report on the Government Pension Fund Global. The expert group has evaluated whether the exclusion of coal and petroleum companies is a more effective strategy for addressing climate issues than the exercise of ownership and exertion of influence.

– There is broad political consensus that any adjustments in the management of the fund should be based on thorough scientific assessments. The expert group's report gives us a good platform for further discussions, and I look forward to the coming debate, says Minister of Finance Siv Jensen.

The expert group was appointed on April 4. The members have been economist Martin Skancke (chair), Professor Elroy Dimson, Professor Michael Hoel, Research Director Magdalena Kettis, Dr. Juris. Gro Nystuen and Professor Laura Starks. As part of its work, the group has been in dialogue with NGOs, researchers and other stakeholders.

The Ministry of Finance will circulate the expert group's report for consultation before Christmas. The recommendations in the report and input from the consultation will form part of the basis for the Ministry's assessments in the Report (White Paper) to Parliament in spring 2015.

The starting point for all assessments of the strategy for the Government Pension Fund is that the fund should seek the highest possible return within a moderate level of risk. Sound long-term management of the fund will contribute to intergenerational equity, by allowing both current and future generations to benefit from petroleum wealth. Within its role as a financial investor, the fund should be a responsible investor.

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