The goal of bringing all 8,500 companies in its portfolio in line with the Paris Agreement target was first formulated by the fund in 2022. In its newly updated climate plan, it will expand the list of companies it considers the highest-emitting, which it will target for a more focused dialogue. “The fund therefore has an interest in an orderly transition to global net zero emissions.”NORWAY FUND CONTRASTS WITH INTENSIFYING US CLIMATE BACKLASHThe fund’s updated guidelines come at a time when some international investors are backing away from ESG policies on climate change. “We will target board-level interactions on climate with companies on the climate focus list,” the plan said. The plan presented on Wednesday is distinct from separate ethical guidelines set by parliament, which lead to regular divestments by the fund.