Norwegian pension fund KLP, which manages $70 billion in assets, sold shares of 11 companies from Saudi Arabia, Qatar, UAE and Kuwait. This was reported by AFP.
The decision was made based on the results of a review that found high risks of human rights violations and failure to comply with climate change expectations.
According to KLP’s head of responsible investing, Kiran Aziz, these countries “have authoritarian regimes that restrict freedom of expression and political rights.”
Saudi Aramco was primarily excluded from the portfolio due to its lack of an energy transition plan. The remaining companies operate in telecommunications and real estate.
Before that, disagreements between Germany and France were known, which prevented the adoption of pan-European legislation on energy transition. Germany fears France could subsidize nuclear power plants with fewer restrictions, which would disrupt the EU’s single energy market.
Before this, it was known that investors were disappointed with the expectations for the Chinese economy and stocks.
Previously Ministry of Finance named Possible start date for the exchange of blocked assets.