Norway creates SRI fundSeptember 2000
The Norwegian government has chosen the Ethical Investment Research Service to help it invest a small proportion of its oil revenues along socially responsible lines.
The ministry of finance wants the UK-based EIRIS to examine how €123million (£75m) of oil revenues allocated to an environmental fund might be invested in environmentally responsible companies.
The regulations of the fund require money to be invested in companies ‘assumed to have low negative impact on the environment’.
In order to qualify, companies in ‘high impact business sectors’, such as energy, will either need to have environmental management systems or to produce environmental reports.
The trial will last three years. The Norwegian government will then decide whether to continue the fund.
Government ministers in the country, which is Europe’s largest oil exporter, decided to set up the environmental fund last year as a separate entity from its ¤23billion (£14bn) petroleum fund that supports pensions and covers budgetary shortfalls.
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