Norges Bank Investment Management (NBIM) – responsible for managing Norway’s $2tr oil fund – issued eight expectations for its portfolio companies on the assessment, disclosure and management of nature-related risks.
NBIM’s expectations on nature:
- Companies should ensure risks and opportunities are identified and integrated into corporate strategy and risk management, and disclose governance structures and oversight mechanisms
- Companies should have policies for managing critical land, water and ocean habitats
- Companies should disclose their material impacts, dependencies, risks and opportunities in line with recognised methods and metrics
- Companies should disclose material impacts and dependencies in the supply chain
- Companies should set targets to address material impacts and dependencies
- Companies should implement time-bound action plans to deliver targets
- Companies should engage with local communities and stakeholders
- Companies should be transparent on advocacy and policy engagement on nature-related issues