Norway’s sovereign fund opposes US plan to scrap company climate reporting

Norway‘s sovereign wealth fund, the world’s largest, said on Friday it does not recommend the U.S. Securities and Exchange Commission (SEC) to outright scrap regulations that require companies to disclose their climate-related risks and spending.

The SEC in late May proposed to do away with the dormant regulations that were adopted under former President Joe Biden, part of a government-wide retrenchment of climate policy since President Donald Trump returned to office last year.

•  “We rely on companies’ narrative disclosures to add analytical context to financial statements, which informs our investment decisions, shareholder voting and risk management processes,” Norges Bank Investment Management (NBIM) said in a statement.
•  “Alternatives to outright rescission exist that would address the Commission’s concerns about scope and cost, while preserving a baseline of financially material disclosure,” it added.
• At the end of 2025 NBIM managed over $2 trillion in assets, with 53% of its total investments invested in the U.S.
• The U.S. regulation was adopted in 2024 but has yet to take effect due to intense legal opposition from industrial lobbies and conservative-leaning states.
• The SEC has requested comment on its proposed rescission before making a final decision.
• Sweden’s AP7 government pension fund said on Tuesday it opposes the SEC proposal to scrap the rules.

(Reporting by Louise Rasmussen, editing by Terje Solsvik)