Nordic Manager Adopts New Nature Policy

Oslo-headquartered Storebrand Asset Management has adopted a new policy to strengthen its commitments to protecting nature. The policy will see Storebrand apply a “precautionary approach” more actively when making investment decisions, and will see four mining industry sector firms – First Quantum Minerals, Harmony Gold Mining Co, Newcrest Mining and The Metals Company (TMC) – excluded from its portfolios with immediate effect. As part of the new policy, Storebrand says it will no longer invest in companies with mining operations that conduct marine or riverine tailings disposal, companies involved in deep sea mining, and companies that obtain 5% of their revenues from drilling in Arctic areas that are considered to be “vulnerable and valuable”. Additionally, Storebrand’s existing deforestation commitment – which primarily focused on palm oil, soy, cattle products and timber – will be extended to include deforestation or conversion for production of cocoa, rubber, coffee, and mining. Jan Erik Saugestad, CEO, Storebrand Asset Management, said: “The investment industry cannot solve the biodiversity crisis by itself. To succeed we need collaboration with governments, corporates and finance. We need better regulations on all levels and better reporting. I would like to see governments step up when they meet in Montreal.” 

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