Norway's sovereign fund opposes US plan to scrap company climate reporting
SPY•Norway sovereign fund opposes SEC climate reporting rollback
COPENHAGEN, Aug. 7 (Reuters) - Norway's sovereign wealth fund, the world's largest, said on Friday it does not recommend the U.S. Securities and Exchange Commission (SEC) outright scrap regulations that require companies to disclose their climate-related risks and spending.
The SEC in late May proposed to do away with the dormant regulations that were adopted under former President Joe Biden, part of a government-wide retrenchment of climate policy since President Donald Trump returned to office last year.
NBIM says disclosures support investment decisions and risk management
- "We rely on companies' narrative disclosures to add analytical context to financial statements, which informs our investment decisions, shareholder voting and risk management processes," Norges Bank Investment Management (NBIM) said in a statement.
- "Alternatives to outright rescission exist that would address the Commission's concerns about scope and cost, while preserving a baseline of financially material disclosure," it added.
- At the end of 2025 NBIM managed over $2 trillion in assets, with 53% of its total investments invested in the U.S.
- The U.S. regulation was adopted in 2024 but has yet to take effect due to intense legal opposition from industrial lobbies and conservative-leaning states.
- The SEC has requested comment on its proposed rescission before making a final decision.
- Sweden's AP7 government pension fund said on Tuesday it opposes the SEC proposal to scrap the rules.
