NBIM maintains record high equity exposure to climate solutions
11% of its equity portfolio is invested in climate solutions and exposure to renewable infrastructure is growing
Norway’s Government Pension Fund Global is the largest single owner of listed equity in the world. The $1.8tn fund owns 1.5% of all publicly traded stocks, spread across 7201 companies in 68 countries. The fund’s equity exposure to climate solutions is estimated at 11% in 2025, up from 6% three years earlier.
That is according to new responsible investment report published today by Norges Bank Investment Management (NBIM), which manages the fund.
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Climate solutions
“Active investing requires deep company understanding. When we analyse businesses, governance and sustainability are not separate considerations – they are central to assessing competitive advantage”, writes Daniel Balthasar, NBIM’s co-chief investment officer for active strategies.
Equity exposure to climate solutions was reported at 11% for both 2024 and 2025. Equity holdings have increased over this period and now account for 71% of the fund. In 2025, equities delivered the fund's strongest return by asset class (19.3%).
NBIM’s definition of climate solutions adopts MSCI’s understanding of the term. It focuses largely on avoided emissions from low or zero emission products. If avoided emissions from these sources exceed the company’s operational emissions, the investment is counted as a climate solution.
Renewable energy
In addition to listed assets, NBIM’s transition investments also take the form of private allocations. Its mandate allows NBIM to invest up to 2% of its funds in unlisted renewable energy infrastructure. At last count, that exposure stood at 0.4%.
According to new climate action 2030, NBIM expects this exposure to not only increase but also diversify into a wider range of technologies.
Today’s report identifies a particular area of focus for the fund – European grid infrastructure. "We see transmission infrastructure as both a strategic investment opportunity and an essential enabler of the energy transition”, the report reads.
The latest example of that interest is NBIM’s backing of Germany’s largest transmission operator. Together with Singapore's sovereign wealth fund GIC and Dutch pension provider APG, NBIM is set to invest over $11bn in new equity by 2029. The investment will support the integration of renewable energy into Germany’s electricity network.
“As electricity demand and renewable generation grow, transmission systems will require significant capital and long-term commitment - characteristics that align with the fund’s investment horizon and return objectives”, the fund says.
