Norway excludes Adani Ports from wealth fund due to alleged links to human rights violations in wars
The Government Pension Fund Global’s Council on Ethics said that the firm had been under observation since March 2022.
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Norway’s sovereign wealth fund on Wednesday announced that it would exclude Adani Ports and Special Economic Zone Limited from its investment portfolio in view of the “unacceptable risk” posed by the company’s alleged links to human rights violations in war and conflict zones.
This means that the Norwegian fund will no longer invest in the company.
In a statement, Norges Bank Investment Management, which manages the country’s Government Pension Fund Global, said its decision to exclude Adani Ports was based on a recommendation of its Council on Ethics on November 21. Norges Bank Investment Management is part of the Norges Bank, the country’s central bank.
The Council on Ethics advises on whether investments are consistent with the wealth fund’s ethical guidelines.
On Adani Ports, the council said the company had been under observation since March 2022 due to its “business association with the armed forces in Myanmar”.
“In May 2023, APSEZ [Adani Ports and Special Economic Zone Limited] disclosed that it had sold its port-related operations in Myanmar to Solar Energy Ltd,” read the statement. “No information on the buyer is available, and APSEZ has stated that it cannot share any such information on the grounds of confidentiality.”
The Adani Ports and Special Economic Zone Limited is a part of the Adani Group and is a logistics company that...
