The head of the world’s largest sovereign wealth fund has expressed concern that political resistance to climate and environmental measures is spreading from the US to the UK.
Nicolai Tangen, chief executive of Norway’s $1.4tn oil fund, told the Financial Times: “A new thing this summer is the ESG [environmental, social, governance] backlash in the UK, on the back of that one Uxbridge vote . . . That’s bad. You have a big country in Europe that is slowing down the work on climate at a time where it’s more important than ever.”
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