Norway Wealth Fund Calls Out Banks Over Emissions Reports (1)

Norway’s $1.9 trillion wealth fund says global banks need to start telling investors how much of their revenue is being omitted from CO2 emissions reports.

Norges Bank Investment Management, the world’s largest sovereign-wealth fund, wants banks to begin accounting for the full scope of the emissions they enable through services such as loans and the underwriting of bonds.

With the vast majority of banks not reporting the carbon footprint of their capital markets business, “investors need to know the potential magnitude of excluded emissions,” Jeanne Stampe, lead policy adviser for NBIM, said in an interview.

If banks disclosed “the ...