Resolution by the Bergen City Council on fossil fuel risk

The Bergen City Council passed the following unanimous resolution (67 votes):

«Based on the great climate challenges facing us as a community, most recently documented by the latest IPCC report, the City Council asks the board of the Bergen Municipal Pension Fund (BKP) to discuss the company’s investments in fossil resources. This discussion should include the BKP’s risk profile based on the fact that major parts of the Bergen economy are related to the petroleum industry. In this context, the City Council notes that the BKP is currently  underweighted in oil companies.»

The following note was also appended to the resolution, again with unanimous support:

«The director of the BKP is invited to appear at a meeting of the Finance Committee to inform about the company’s investment and risk strategy, including ethical rules for investments.’

October 30, 2013

(Read the background of this resolution here.)


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