THE NORWEGIAN GOVERNMENT PENSION FUND GLOBAL, CORPORATE SOCIAL RESPONSIBILITY AND CLIMATE CHANGE

This paper aims at presenting the Norwegian Government Pension Fund Global (GPFG), the world's largest Sovereign Wealth Fund, characterized by its pioneering ethical guidelines for investment decisions, based on active ownership and the exclusion of firms from its portfolio. Two major reasons for the exclusion of a company are "severe environmental damage" and "coal production", leading to the banishment of many companies from the Fund's holdings. Despite the noble intentions, the GPFG is loaded with inconsistencies, especially because its resources come from the exploitation of fossil fuels that contribute to global greenhouse gas emissions. Moreover, the entire Norwegian environmental policy is fragmented and suffers from contradictions.