Norges Bank Investment Management has divested from 43 companies this year as part of its sustainability screening process.

The Norwegian sovereign fund says that in 2021 it has assessed sustainability risk across 442 companies that were added to the fund’s index. As a result of its pre-screening process, the fund has chosen not to invest in nine companies. In addition, it has divested from 43 companies it considers not to have sustainable business models. This includes companies exposed to significant risks related to climate change, water management, and corruption. Since 2012, the fund has divested from 366 companies it considers not to have sustainable business models.

“Our pre-screening builds on and strengthens our long-standing work with risk-based divestments. It’s about weeding out companies that we do not want to be invested in. In addition, pre-screening gives us a better overview of the sustainability risk in the companies that we choose to invest in at an earlier stage”, says CEO of Norges Bank Investment Management Nicolai Tangen.