Letter to Financial Times

The article in FT of september 1th - ”Norwegian state fund in $4bn green push”- requires a clarification.

In April, the Ministry of Finance detailed plans to establish a new environmental investment programme aimed at environment related investment ­opportunities. The Ministry will also assess whether it is pertinent to establish an investment programme aimed at sustainable investment opportunities in emerging markets. The Ministry estimates that the entire amount for the two programs will constitute around NOK 20 billion (USD 3.3 billion), invested over a five-year period. Investments under the programmes have not been made yet. The Ministry will present a more detailed plan for the future work in this area in mid-October.
 
In 2008, the Ministry decided that 19 new emerging equity markets should be included in the Pension Fund – Global’s benchmark portfolio for equities. Emerging markets now represent a total of 10 pct of the benchmark portfolio for equities. Ownership in individual companies is capped at 10 pct in all markets the Fund invests in, and is in most cases much lower. Our present investments in India and other emerging markets are thus a part of our regular investment activities.