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- This is not a environmental fund

The investments of the enviroment fund is decided by resolution to be increased heavily in the course of the first quarter this year, from 1 billion NOK to 2. This can mean a doubling of Norwegian oil money in tobacco companies and environmental bad guys.
Artikkelen er mer enn to år gammel. Ting kan ha endret seg.
The investments of the enviroment fund is decided by resolution to be increased heavily in the course of the first quarter this year, from 1 billion NOK to 2. This can mean a doubling of Norwegian oil money in tobacco companies and environmental bad guys.


By David Stenerud
Norwatch

The enviroment fund can according to the regulations of it, "invest in companies that are assumed to have little negative influence over the enviroment and in companies that satisfy given demands on environmental reporting and certification." The environmental demands are based on analysis from the british firm Ethical Investment Research Service.
These criterias give room for investments in a well of dubios companies.

British American Tobacco, Papastratos Cigarette Co., Exxon, Rio Tinto, Alcan, Mitsubishi Bank and Halliburton, as well as several oil companies, car and chemical manufacturers. McDonalds and Coca Cola are of course in the party too.

Siv Jensen from the Progress Party is chair of the parliaments finance-committee. NorWatch calls her and mentions from the list of tobacco giants and environmental badguys.

- Do you find these companies in the enviroment fund? She asks astounded, and laughs.

- Yes!

- We voted against establishing the enviroment fund when it was up before the parliament. The Progress Party feels that when one invests in a fund it is to meant to make a profit. So that issues of moral and ethics should be worked at in other fronts.

- But when the enviroment fund is actually is in place?

- I can't get myself in much of a temper by this, since I was originally against, but I doubt this is in correspondance with what the parties voting for the enviroment fund were thinking of when the fund was established.

- Clearly, you cannot call this an enviroment fund, Siv Jensen concludes.

Norwatch Newsletter 3-4/02