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Recommends exclusion of ExxonMobil

Norwegian NGO Future in our hands lists ExxonMobil and other climate offenders as eligible for exclusion from the world’s largest government pension fund.

Tarsands; Fort McMurray, Alberta. (Foto: Kris Krüg / Flickr / CC)
Tarsands; Fort McMurray, Alberta. (Foto: Kris Krüg / Flickr / CC)

Norwegian NGO Future in our hands lists ExxonMobil and other climate offenders as eligible for exclusion from the world’s largest government pension fund.

Download the report here.

Background on the Government Pension Fund Global

The USD 900 billion Norwegian Government Pension Fund Global (GPFG), known in Norway as ”the Oil fund”, is the largest of its kind. Aside from its size, it is known for its ethical guidelines, set out by the Norwegian Parliament, which allows for exclusion of a relatively broad range of sectors and companies, including coal companies, tobacco companies and nuclear weapons. The ethical guidelines were established in 2004.

The guidelines are watched over by the independent body Council on Ethics for the Government Pension Fund Global, whose role is to evaluate whether or not the Fund’s investment in specified companies is inconsistent with its Ethical Guidelines.

 The climate criterion

On January 1st 2016 a new criteria was included in the guidelines. The criteria, soon to be known as ”the climate criterion”, allows for the exclusion of companies whose practice leads to emission of greenhouse gases of an “unacceptable degree”. More than one year later, no companies are recommended for exclusion on the background of this criteria.

The report

Serious climate offenders in the Oil fund” - the new report from the Norwegian NGO Future in our hands – recommends different methods to implement the criterion. The report assesses companies which the Fund is invested in against five criteria. Based on this, the report recommends that the Council of Ethics considers several companies for exclusion. The analysis is based on existing climate rankings of the worlds’ largest companies.

In its first section, the report lists the companies which are the worst performers within the following rankings:  

  • Total emissions: How much GHG do companies emit in one year? (Source: CDP 2016)
  • Emissions intensity: How much GHG do companies emit compared to its revenue? (Source: ET Carbon Rankings 2016)
  • Historical emissions: How much GHG have companies emitted in total in a historical perspective? (Source: Heede et al 2015)
  • Fossil fuel reserves: How much oil and gas reserces do companies have? (Source: Fossil Free Indexes 2016)
  • Climate lobbying: Do the companies lobby against climate regulations? (Source: Influence Map 2016)

The report shows that the Oil fund has invested billions of dollars into the worst climate offenders within all these rankings.

The second section of the report is a climate analysis of the 25 largest oil and gas investments of the oil fund. The analysis is based on data from four of the five abovementioned rankings: Total emissions, emissions intensity, fossil fuel reserves and climate lobbying. The companies are compared according to their score on these rankings. The worst offender according to the ranking is oil major ExxonMobil.

Recommendations:

Based on these analyses, the report lists the following recommendations:  

  •  ExxonMobil should be excluded from the Oil fund
  • The Council of Ethics should consider the companies that are the worst performers on Fossil Free Indexes’ list of oil and gas reserves for exclusion. This applies to Gazprom, PetroChina, ExxonMobil, Lukoil, BP, Royal Dutch Shell, Petrobras, Chevron and Novotek.
  • The Council of Ethics should consider the companies that are the worst performers on ET Carbon Ranking’s list of emissions intensity for exclusion. This applies to Industries Qatar QSC, Nippon Steel & Sumitomo Metal Corp, Southern Copper Corp, Grupo Mexico SAB de CV and Mitsui & Co Ltd.
  • The Council of Ethics should consider the companies that are the worst performers on InfluenceMap’s list of climate lobbyists for exclusion. This applies to Reliance Industries, Phillips 66, Valero Energy, Comcast, Chevron, ExxonMobil, Occidental Petroleum, LyondellBasell Industries, Foxconn and ConocoPhillips.
  • Among the 25 largest oil and gas investments of the Oil fund, the Council of Ethics should consider all the companies which receive the grade E or worse on our ranking. In addition to ExxonMobil, this applies to Occidental Petroleum Corp, ConocoPhillips, BP PLC, Eni SpA, Canadian Natural Resources Ltd, Chevron Corp, Petrobras, EOG Resources Inc and Total SA.

Contacts: Christoffer Klyve, Director Future in our Hands +47 917 17 432 Christoffer@framtiden.no

 

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