STATE OF THE RAINFOREST 2014
79
farming, logging, paper and pulp and dam construction. Moreover,
these figures refer only to the industries that directly cause forest
destruction – not traders, producers of refined commodities,
transport, insurance, banks and finance and other sectors that are
indirectly involved. The GPFG has investments in all these indirect
deforesters as well. Precisely because it is involved in every part of the
value chain, the Fund is uniquely placed to reduce forest destruction
by exerting influence on its investees from various sectors.
The stated ambition of the GPFG is to act as a responsible investor,
operating under a set of ethical guidelines decided by the Norwegian
Parliament. The Fund is managed by a branch of the Central Bank
of Norway, called Norges Bank Investment Management (NBIM). An
independent Council on Ethics investigates possible breaches of the
guidelines by individual companies, which may lead to exclusion
from the Fund’s investment universe. Among the companies that
have been excluded are several mining and logging companies
found to cause serious environmental damage in rainforest areas,
including Barrick Gold, Samling Global, WTK and Ta Ann.
45
Singapore
India
Colombia
Other South
American
countries
Brazil
South
Africa
Central
Africa
Indonesia
Papua
New Guinea
United
States
United
Kingdom
France
Italy
Belgium
Spain
Australia
China
Russia
Norway
Hong
Kong
Japan
South
Korea
Canada
Thailand
Malaysia
Sector of investment
Mining
Meat
industry
Hydropower
Oil and gas
Palm oil
Pulp and paper
Source: Beauty and the beast: Norway’s investments in rainforest
protection and rainforest destruction, 2012, updated 2014,
Rainforest Foundation Norway and Friends of the Earth Norway
Singapore
India
Colombia
Other South
American
countries
Brazil
South
Africa
Central
Africa
Indonesia
Papua
New Guinea
United
States
United
Kingdom
France
Italy
Belgium
Spain
Australia
China
Russia
Norway
Hong
Kong
Japan
South
Korea
Canada
Thailand
Malaysia
Sector of investment
Mining
Meat
industry
Hydropower
Oil and gas
Palm oil
Pulp and paper
Source: Beauty and the beast: Norway’s investments in rainforest
protection and rainforest destruction, 2012, updated 2014,
Rainforest Foundation Norway and Friends of the Earth Norway
