Money

The oil fund out of 33 palm oil companies

A compilation of the Rainforest Foundation has shown that the oil fund has withdrawn from 33 companies producing palm oil over the past seven years.

The fund presented its annual report for 2018 this week.

– It is great to see that the Government Pension Fund Global is acting in the fight against deforestation, says senior adviser Vemund Olsen in the Rainforest Foundation for Reuters.

He believes the oil fund’s downsizing should be a warning to investors and companies still pursuing deforestation to produce palm oil.

The oil fund has since 2012 made 60 divestments due to the risk of deforestation, including 33 sale of palm oil companies, confirms the fund’s spokeswoman Marthe Skaar to Reuters.

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