Norges Bank Investment Management (NBIM), responsible for the investments of Norway’s Government Pension Fund Global (GPFG), is aiming to be a leader in “managing the financial risks and opportunities arising from climate change”, its CEO, Nicolai Tangen, has said.

Tangen made his comments in the foreword of NBIM’s Responsible Investment report for 2025, in which he highlighted the recently published 2030 Climate Action Plan, building on the 2025 Climate Action Plan.

“Our new strategy focuses on increasing the fund’s return and resilience through world-leading responsible investment. It is grounded in foundations built over time and adapts to a more demanding and unpredictable environment in a changing world,” he said.

He also referred to the fund’s ethical framework, which is currently under revision, following the conflict in Gaza.

“While the fund’s ethical framework is under revision, we continue our responsible investment work, strengthening the link between ownership and investment decisions and focusing on what is financially material,” he said.

The report highlighted some key statistics from NBIM’s work. For example, 73 per cent of NBIM’s financed emissions were covered by net zero 2050 targets. Overall, this equates to 37 per cent of the companies in the portfolio.

During 2025, 2,640 MW renewable electricity generation capacity was added to the portfolio, while 40 per cent of unlisted real estate portfolio aligned with a 1.5C decarbonisation pathway. Furthermore, 11 per cent of its equity portfolio was invested in climate solutions (MSCI Low Carbon Transition Score).

During the year, NBIM focused on improved sustainability reporting, as it wants portfolio companies to disclose sustainability information that is financially material to their business.

However, it noted that sustainability reporting requirements have become increasingly complex and fragmented.

“We want reporting to be simpler, more useful for decision making, and tailored to what matters in each industry. In 2025, we advocated for improved global alignment, reduced duplication across frameworks, and continuous focus on material information that is important for our investment decisions,” the report stated.

In the area of active ownership, NBIM said it made 108,325 votes at 10,873 shareholder meetings and held 3,198 company meetings. It also submitted 34 consultation responses and participated in seven academic projects. It made 58 risk-based divestments, whilst reversing 14 risk-based divestments.

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