Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund—the world’s largest—has released its 2030 Climate Action Plan, outlining a sharpened strategy to align its $1.5 trillion portfolio with the Paris Agreement and accelerate the global transition to net zero.
The plan, an evolution of NBIM’s earlier 2025 roadmap, strengthens the fund’s long-term commitment to responsible investment and sets out clear steps to mitigate climate-related risks across markets, portfolios and companies.
NBIM described its approach as “financially motivated,” built on nearly two decades of climate integration into investment decisions. The fund said its returns depend on “sustainable economic, environmental and social development,” and that companies it invests in must adapt their business models to remain viable in a low-carbon future.
The new plan builds on progress made under the 2025 strategy, where the proportion of portfolio companies with science-based net-zero targets increased from 12% to 34% between 2022 and 2024. During the same period, financed emissions fell by 5% and the fund’s carbon intensity declined by 11%, while the equity portfolio’s net asset value rose 24%.
The 2030 Climate Action Plan sets out five strategic priorities to guide NBIM’s operations over the next decade:
- Integrating climate goals across all investment functions — strengthening the link between financial performance and climate action.
- Engaging high-emitting companies — ensuring they set credible net-zero targets covering Scope 1, 2 and 3 emissions by 2050.
- Supporting robust market standards — advocating for consistent global reporting aligned with the ISSB and other frameworks.
- Addressing nature and resilience — expanding focus on biodiversity, deforestation, and physical climate risks.
- Leveraging data and AI tools — using advanced analytics to assess climate exposure and improve investment decisions.
At the market level, NBIM will work with regulators and exchanges to promote consistent climate disclosure standards and back academic research into biodiversity finance.
At the portfolio level, the fund aims to expand investments in renewable infrastructure—such as wind, solar, and power grids—and cut emissions from its unlisted real estate assets by 40% from 2019 levels by 2030. It also plans to conduct regular stress tests under extreme climate scenarios and consider divestment where climate risk threatens long-term value.
At the company level, NBIM will intensify engagement with firms representing around 70% of its financed emissions, focusing on transition plans, nature-related risks, and deforestation. Companies’ lobbying activities and human-rights due diligence will also come under greater scrutiny.
NBIM acknowledged that uneven climate policies and differing technology costs across regions could result in a “disorderly transition” if global action remains inconsistent. The fund pledged to update its strategy in 2030 to reflect policy and market changes.
With its vast global holdings—spanning more than 9,000 companies—NBIM’s influence extends far beyond Norway. The new plan underscores how large institutional investors are increasingly treating climate risk as a core financial concern rather than a moral issue, setting a benchmark for transparency, accountability and sustainable growth in the decade ahead.
