Norges Bank Investment Management has supported a shareholder resolution seeking to reduce methane emissions, it has announced.
The fund has stated its intention to support the shareholder resolution that calls for a report to review Kinder Morgan’s policies, actions and plans to “measure, monitor, mitigate, disclose and set quantitative reduction targets” for methane emissions from all operations including transport and storage.
The resolution will be voted on during the Annual General Meeting on 9 May.
Norges Bank IM chief corporate governance officer Carine Smith Ihenacho commented: “Around a decade ago we formulated our climate change expectations to the companies we are invested in. With our support for this proposal, we emphasise that our expectations also cover methane emissions.”
Following carbon dioxide, methane is the second largest contributor to human climate greenhouse gas emissions. However, a study by IPCC noted that as methane has a shorter lifetime that carbon dioxide in the atmosphere, it has an effect on global warming that is about 25 times worse over a 100-year period.
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