Wednesday (April 1st): Norwegian Money

Nicolai Tangen

Name? Nicolai Tangen

Westphalian identity? Norwegian

Age? 54

Why is he in the news? Tangen will take over the biggest Sovereign Wealth Fund in the world, the Norwegian one. 

Why do we care? The Norwegian Wealth Fund (NBIM) is made up of investments in over 9000 companies totalling to 1 trillion USD. If anyone is overseeing this much money we have to care because with money, comes influence. 

Why should you care? The Norwegians are using their influence over the company world, look at what happened last month in Peru. Once the NBIM realised that Peru’s largest consumer goods company, Alicorp S.A.A., was involved in human rights violations and deforestation in palm oil supply chains, it divested 12,3 million USD. These strict, harming measures seem to be working as Alicorp struggles to find other sponsors willing to foot the bill. 

Who else cares? The people most affected by global warming, corruption and human rights. They are the ones potentially benefiting from the responsible investment strategies in the long term. 

Any further comments? If money rules the world, it should at least be ruled by a Norwegian who really likes to pay taxes and eat pizza.

Joshua Dario Hasenstab

General Coordinator