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Editorial: Worse and worse

When the Ministry of Finance presented the revised national budget, its provisional clarification of the Petroleum Fund's so-called environmental portfolio and its guidelines were also made public.
Artikkelen er mer enn to år gammel. Ting kan ha endret seg.
When the Ministry of Finance presented the revised national budget, its provisional clarification of the Petroleum Fund's so-called environmental portfolio and its guidelines were also made public.

The proposition is not encouraging reading. This year's national budget declared that it would be most appropriate to use already existing environmental reporting and certification. Because adequate information of this kind is not available about the companies in some of the countries the fund has invested in, one wants to limit the environmental fund's investments to Europe and America. But as we have seen from the Petroleum Fund's portfolio, many of the companies in these regions also have extensive activity outside of their home regions.

In addition, one wants to use environmental criteria only for companies within what one considers to be the worst businesses. In other businesses, such as the service sector, companies will be included in the environmental portifolio without an individual assessment. This is because there is no extensive environmental reporting in some businesses. This implies that 1/3 of the companies in the environmental fund will go through an assessment, while 2/3 of them are included because one "believes" that they are ok.

This has not increased our support for the so-called environmental fund.

Norwatch Newsletter 6/00