Macron about Solberg: “When we are only two of us, we can see that the results are coming”

Saturday, July 7, 2018

PARIS (VG) Norway’s Oil Fund is at the forefront of an international commitment to climate-friendly investment, and Erna Solberg became an exclusive guest of France’s powerful president in Paris.

The reason for the Friday visit was the presentation of a common framework for investment, which will encourage funds to take environmentally friendly choices. Solberg was the only state and government leader invited to Elyseet, among fund managers from six countries.

– Let me express my gratitude to Prime Minister Erna Solberg. We have something in common: None of us like big summits without results. But when we are only two of us today, we can see that the results are coming, Macron told Solberg in front of the press after the meeting.

Do not expect miracles

* A collection of state pension funds, founded by Norway, New Zealand, Kuwait, Saudi Arabia and Abu Dhabi following an initiative by France’s Prime Minister Emmanuel Macron.

* The purpose is to increase business climate awareness

* The main objective of the Norwegian oil fund’s investments will continue to be financial gain, but the committee believes that in the long term it will pay off to choose climate-friendly.

* Compliance with the principles is based on volunteering.

(Source: One Planet Sovereign Wealth Fund Working Group)

It was after an initiative by the French president in connection with the December climate summit, that it became known that the Norwegian Oil Fund is part of this exclusive environmental workforce of government investment funds.

Erna Solberg believes Norway has caught Macron’s attention because the Norwegian oil fund has already introduced climate-friendly practice and thus can be an inspiration for other major funds in the world.

The report presented today provides guidelines for investment funds based on voluntary efforts.

Prime Minister Solberg is realistic about what to expect, she tells VG in Paris.

“There are many of these funds where you do not even want to say how much money is in them, so you probably will not expect countries like Qatar, Kuwait and Saudi Arabia to suddenly create very transparent systems. However, they commit themselves to pushing the companies they are investing in and taking greater responsibility, says the prime minister.

Huge values

The presentation of “The One Planet Sovereign Wealth Fund Framework” occurred six months before expected. Rarely have there been such great values ​​around one table as in the Elysee Palace today.

Norway, Abu Dhabi, Kuwait, New Zealand, Saudi Arabia and Quaternary State Investment Fund have a combined value of around NOK 24 billion, according to NTB. It is around three times the value of the Norwegian oil fund alone.

Norway inside the good company

* Is divided into the Government Pension Fund Global – SPU (Oil Fund) and the Government Pension Fund Norway – SPN.

* The oil fund is today the world’s largest state fund.

* The fund has invested in 9,146 companies in 72 countries, which accounts for 1.4 percent of world listed companies.

* The Storting has adopted an action rule that over time, the same amount of the oil fund can be used as the expected real return of the fund. This is now estimated at 3 percent of the fund’s capital.

After Norway’s central role in climate change became known before Christmas, Solberg has received the audience several times at Macron’s table. Today’s climate meeting was followed by a bilateral meeting, which included the forthcoming NATO summit and international trade policy on the agenda.

Norway’s climate commitment has given us a ticket to a more visible role on the international stage, confirms Solberg to VG.

“Yes, and the fact that we have one of the world’s absolute largest funds,” the Prime Minister smiles in the French capital, and continues.

“It has come easier here. We notice that when we work internationally, we are more interesting to invite you to meetings. Some think it’s just because we have money in our pocket, but it’s not. We are keen on participating in our climate work, our efforts and the educational issues we have set up on the international agenda, “says Solberg in Paris.

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