Norway’s central bank — Norges Bank — has decided to exclude Adani Ports and Special Economic Zone (APSEZ) and two other firms from its government pension fund over ethical concerns. Norges Bank added that the company has been under observation since March 2022, but this now ends given the exclusion decision. The Council on Ethics had recommended that APSEZ be excluded from investment by the Norwegian Government Pension Fund Global (GPFG). According to the Council, in May 2023, APSEZ said it sold its port-related operations in Myanmar to Solar Energy Ltd. In a situation in which extremely serious norm violations are taking place, this constitutes an unacceptable risk that the GPFG’s (The Government Pension Fund Global) investments in APSEZ may breach its ethical guidelines,’’ it added.

Source: The Telegraph May 17, 2024 16:40 UTC