The entity that manages roughly $2 trillion in global assets just told the SEC its plan to gut climate reporting is a bad idea. Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, has formally opposed the Securities and Exchange Commission’s proposal to rescind climate-related disclosure rules for public companies.
Norges Bank Investment Management (NBIM), which oversees the fund’s sprawling portfolio, submitted comments arguing that climate risks carry significant financial relevance and that reliable reporting on those risks is essential for investors making capital allocation decisions. The fund didn’t just say “keep the rules.” It offered a middle path: phase in implementation rather than ripping up the rulebook entirely.
What the SEC proposed and who’s fighting it
On May 29, the SEC proposed to fully rescind climate disclosure rules it had finalized just over two years earlier, in March 2024. The commission cited concerns about its statutory authority to impose such requirements and pointed to the compliance costs companies would face.
The public comment period for the proposal closed on August 3, giving institutional investors and other stakeholders a window to weigh in. Norway’s sovereign fund used that window to make its position clear.
