As Norway funds rainforest conservation, its pension fund invests in companies driving deforestationmongabay.com
March 30, 2012
The report, “Beauty and the Beast”, finds that Norway's Government Pension Fund Global has stakes in companies operating in the palm oil, oil and gas, mining, beef, logging, pulp and paper, soy and hydroelectric energy sectors in key tropical forest countries. The investments dwarf the $500 million or so the Norwegian government commits annually toward reducing deforestation and forest degradation.
Beauty and the Beast
“This illustrates a critical incoherence in the Norwegian approach to the rainforests. Furthermore, the investments made by the Norwegian Government are undermining the much needed international effort to preserve the rainforest. While the Norwegian Government is using a finger to save rainforests, it uses a fist to destroy it."
Nonetheless Norway remains the biggest donor toward overseas efforts to protect forests. The pension fund has also divested from six companies involved in especially egregious deforestation.