Norway's sovereign wealth fund opposes SEC climate reporting rollback

Norway's $2.3 trillion Government Pension Fund Global (GPFG), managed by Norges Bank Investment Management (NBIM), sent a letter to the U.S. Securities and Exchange Commission (SEC) urging it not to rescind the Final Rules that require public companies to disclose material climate‑related risks. NBIM said the rules add a valuable analytical layer for investors and suggested alternatives that would preserve a baseline of financially material climate information while addressing the SEC’s concerns about scope and cost.

The fund holds about 53 % of its assets in the United States, including roughly $822 billion in shares of 1,306 U.S. public companies, with an average equity stake of 1.2 %. At the same time, Sweden's AP7 pension fund issued a similar warning, saying that eliminating the disclosure requirements would impair investors’ ability to assess climate‑related financial risks and make informed decisions. Both funds argue that climate data are essential for investment analysis, shareholder voting, and risk management.

The SEC’s proposal, first floated in May, is part of a broader rollback of climate‑related regulations that began after the Trump administration’s return to the White House. The Norwegian and Swedish funds are urging the regulator to retain a minimum level of climate‑risk reporting.