Norges Bank Investment Management (NBIM) has published a new 2025 climate action plan, which sets targets for net zero emissions by 2050 for all companies in its portfolio.

NBIM, which is responsible for the investments of the Government Pension Fund Global (GPFG), is invested in more than 9,000 companies in 70 countries and said the climate risk of the fund reflects the climate risk of the global economy.

It said that the fund has a “clear financial interest” in the goals of the Paris Agreement being reached. Its analyses show that a delayed climate transition is what constitutes the greatest financial risk for the fund.

“Our goal is to be the world’s leading investor in terms of how climate risk is managed. Our long-term return will depend on how the companies in our portfolio manage the transition to a zero emissions society,” NBIM CEO, Nicolai Tangen, said.

The fund has worked with climate for 15 years but has now pledged to go further, with its new action plan specifically setting out what will be done.

“We set a target of net zero emissions by 2050 at the latest for all companies. And we will engage with the companies to reach this target by setting credible preliminary targets and creating plans to reduce their direct and indirect emissions of greenhouse gases,” NBIM chief governance and compliance officer, Carine Smith Ihenacho, said.

The climate action plan is a result of work across the fund, and it is also based on input and investigations from external experts – particularly last year’s report from the Skancke committee. The Ministry of Finance has also made changes to the management mandate that relate to the climate.

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