Norges Bank Investment Management’s (NBIM), manager of Norway’s $1trn sovereign wealth fund, saw returns of 34.3% for its green equity investments in 2020, according to its Responsible Investments report, published today.
The manager of Norway’s Government Pension Fund Global (GPFG) has around $12bn (98.9 Kr) invested in 90 companies under its dedicated environmental mandates, which are managed in-house. Since inception in 2010, the annualised return on these equity investments has been 9.5%.
US electric car manufacturer Tesla is among NBIM’s top 10 holdings in the clean energy and efficiency technology segment of the fund’s environmental portfolio, with a $353m stake.
NBIM reported that since 2012, its “risk-based” divestments of companies over climate change and human rights have increased its “cumulative return by 0.27 and 0.10 percentage point respectively”.
Last year, the fund divested 32 companies based on ESG assessments, including …