The ethics watchdog for Norway’s $1 trillion sovereign wealth fund is reviewing allegations that U.S. pipeline operator Energy Transfer Partners could breach the fund’s funding tips.
The Norwegian fund held $248 million of ETP company bonds on the finish of 2016, in line with the most recent accessible information.
Under guidelines set by Norway’s parliament, any agency the fund invests in should meet tips associated to the setting, human rights, governance and different points. The fund has previously divested from corporations deemed to have violated the rules.
Environmentalists and Native American campaigners have opposed the Dakota Access pipeline. The Standing Rock Sioux tribe has mentioned it might contaminate the Missouri River and mentioned it threatens their sacred websites.
ETP has beforehand mentioned it was utilizing superior pipeline expertise to make sure security and reliability. It has additionally mentioned it revered the issues of the Standing Rock Sioux tribe and would proceed working with their leaders to handle issues.
ETP couldn’t instantly be reached for additional remark.
The Council on Ethics, the fund’s ethics watchdog, has met Native American campaigners to debate the difficulty on two events, most not too long ago on Oct. three in Oslo.
“We comply with such instances,” mentioned Eli Ane Lund, the pinnacle of the council’s secretariat.
She declined to remark additional on the particular case, however mentioned the council’s broad aim was to find out whether or not an organization risked breaching the fund’s moral tips in future.
“We deal with what might occur sooner or later, not what occurs previously,” Lund mentioned.
Norway’s sovereign wealth fund is the world’s largest, investing the proceeds of the nation’s oil and fuel manufacturing for future generations. It has stakes in about 9,00zero corporations.
Based on suggestions from the council, the fund has excluded 69 corporations wherein the fund beforehand had a stake, saying they broke its ideas. Another 69 corporations have been excluded by the fund’s administration on account of their dependence on coal as a supply of energy.
Representatives from non-governmental organizations usually meet officers from the fund’s Council on Ethics.
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Some campaigners who attended the Oct. three assembly on the watchdog’s workplace mentioned the fund had listened to their issues.
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