Norway's Sovereign Fund Urges SEC to Keep Climate Disclosure Rules

Norway's sovereign wealth fund, the largest in the world, has voiced opposition to a U.S. proposal that would eliminate mandatory climate-related disclosures for companies. In a statement on Friday, Norges Bank Investment Management (NBIM) said it does not recommend that the Securities and Exchange Commission (SEC) fully rescind the regulations, which were adopted in 2024 but never took effect due to legal challenges.

The fund argued that narrative disclosures on climate risks and spending are essential for its investment decisions, shareholder voting, and risk management. "We rely on companies' narrative disclosures to add analytical context to financial statements," NBIM said, adding that alternatives to outright rescission exist that could address the SEC's concerns about scope and cost while preserving a baseline of financially material disclosure.

At the end of 2025, NBIM managed over $2 trillion in assets, with 53% of its investments in the U.S. The SEC proposed in late May to scrap the rules as part of a broader rollback of climate policy under President Donald Trump. The agency is currently seeking public comment before making a final decision.

The fund's stance aligns with that of Sweden's AP7 government pension fund, which also opposes the SEC proposal. The regulations, introduced under former President Joe Biden, have faced intense opposition from industrial lobbies and conservative-leaning states.