Norges Bank Investment Management (NBIM), responsible for the investments of Norway's Government Pension Fund Global (GPFG), has decided to exclude the company Eramet SA over human rights concerns.

NBIM said that it had made the exclusion due to an unacceptable risk that the company contributes to or is itself responsible for serious environmental damage and gross violations of human rights, in contradiction with the behavioral-based criteria in the GPFG's guidelines.

The decision was based on a recommendation from the Council on Ethics on March 18, 2025.

The Council on Ethics' recommendation explained that the concerns were based primarily on Eramet's participation in the joint venture PT Weda Bay Nickel (WBN), which mines nickel on the island of Halmahera, Indonesia.

Eramet is the operator of the mine, which is located in an area of ​​outstanding biodiversity.

However, the Council on Ethics warned that such nickel mining will result in the deforestation of large areas of intact rainforest and the loss of important habitats for endangered and endemic species.

In addition to this, it cautioned that the deforestation will also threaten the survival of indigenous peoples in voluntary isolation who live in the forest within and outside the WBN concession area.

What's more, the council pointed out that the rainforest in Halmahera is important for global biodiversity, and that the uncontacted indigenous groups are among the world's most vulnerable peoples with no alternative habitats.

Whilst some action has been taken to mitigate these concerns, the Council on Ethics found that these will not be sufficient to prevent serious environmental damage and gross violations of human rights.

NBIM's Executive Board also concluded that the exercise of ownership is not an appropriate instrument in this case, instead choosing to exclude the company.

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