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Ten years after the Oil Fund first began excluding coal companies from its portfolio, Norways collective piggy bank still has 142,8 billion NOK invested in companies that continue to operate coal projects. This makes the Oil Fund the largest coal investor in Europe. (The report is in Norwegian).

The report examines Nordic banks' investments in oil, gas, and coal in the years following the Paris Agreement. Norwegian DNB is once again one of the largest investors and lenders to oil. These investments contribute to companies extracting more oil, coal, and gas than we can afford in order to meet international climate goals.

This study analyses how the lifestyles of average Norwegians impact the global climate. It assesses the country’s lifestyle carbon footprint, and how these impacts could be reduced in line with international commitments to limit global warming to well under 2 degrees Celsius (°C), aiming for 1.5°C. In contrast to the official statistics on greenhouse gas emissions, which include emissions only from domestic sources, the footprint perspective includes emissions related to imported goods.

This report examines the oil fund’s voting patterns in 2023 at 19 major company AGMs, finding that, during the first year of its Climate Action Plan the fund is falling short of expectations. Despite its own climate commitments, the fund continues to support key blocking industries (such as fossil fuels) more than its peers, revealing a gap between its stated objectives and actions.