Norges Bank's foreign exchange reserves consist of a fixed income portfolio and an equity portfolio. The equity portfolio is managed by Norges Bank Investment Management (NBIM) on behalf of Norges Bank following the same principles and strategies for responsible investment as the equity investments in the Government Pension Fund Global (GPFG). This means that the GPFG’s climate action plan, including the target that investee companies adjust their operations to ensure compliance with global net zero emissions by 2050, also applies to the equity portfolio of the foreign exchange reserves.   

Responsible investment shall promote the long-term economic development of investments and reduce financial risk related to environmental and social matters. 

NBIM exercises active ownership on behalf of the foreign exchange reserves’ equity portfolio by formulating clear expectations of investee companies, voting at shareholder meetings and engaging in dialogue with companies. Cooperation is key, both directly with companies and with international organisations and trading venues, to promote change and influence companies' behaviour in the direction of more sustainable practices.   

Decisions on risk-based divestment from individual companies implemented for the GPFG’s equity portfolio are also followed up in the equity portfolio of the foreign exchange reserves. Such divestment is disclosed in the annual report. 

Norges Bank's calculations of the financed emissions and emissions intensity of the foreign exchange reserves are based on the carbon emissions of companies in the equity portfolio weighted and summed up according to the Bank’s share of their enterprise value including cash. These figures are reported in the annual report.