Norway's sovereign wealth fund, the world's largest, has stated it does not recommend the U.S. Securities and Exchange Commission (SEC) scrap regulations requiring companies to disclose climate-related risks and spending. The fund relies on these disclosures for investment decisions and risk management.
The opposition from major global investors like Norway's sovereign wealth fund highlights the international importance placed on climate-related financial disclosures, potentially influencing the SEC's decision and broader corporate environmental accountability in the U.S.
Norway's sovereign wealth fund, the world's largest, has urged the U.S. Securities and Exchange Commission (SEC) not to scrap regulations that mandate companies disclose their climate-related risks and spending. The fund, managed by Norges Bank Investment Management (NBIM), stated that it relies on these narrative disclosures to provide analytical context for financial statements, which is crucial for its investment decisions, shareholder voting, and risk management processes.
NBIM suggested that alternatives to outright rescission could address the SEC's concerns regarding scope and cost while still preserving a baseline of financially material disclosure. At the end of 2025, NBIM managed over $2 trillion in assets, with 53% of its total investments in the U.S.
The SEC had proposed to eliminate the dormant regulations, which were adopted in 2024 but have not yet taken effect due to significant legal opposition from industrial lobbies and conservative-leaning states. This move is part of a broader retrenchment of climate policy following Donald Trump's return to office. Sweden's AP7 government pension fund has also voiced its opposition to the SEC's proposal. The SEC is currently seeking public comment on its proposed rescission before making a final decision.