Norway’s wealth fund pulls out of Adani

Norway's $1.2 trillion sovereign wealth fund, the world's largest, said Thursday it has completely divested its assets in the troubled Indian conglomerate Adani.

The fund, which is set up to put the country's oil and gas revenues to work, held some $200 million worth of shares in the group at the end of 2022.

It had a stake of 0.14 percent in Adani Green Energy, 0.17 percent in Adani Total Gas and 0.3 percent in Adani Ports & Special Economic Zone.

"Since year-end, so the five weeks since year-end, we have further reduced our exposure in Adani companies significantly," said Christopher Wright, the head of environmental, social and governance (ESG) risk monitoring at the fund.

"So today for all intents and purposes, we have no exposure left," Wright added.

Between 2014 and 2023, the fund had already divested from six subsidiaries of the Adani conglomerate, mainly for environmental reasons, namely their role in deforestation and their high greenhouse gas emissions.