OREANDA-NEWS Norway's largest pension fund KLP, which manages assets of more than $ 70 billion, has sold shares in 11 companies from Saudi Arabia, Qatar, the UAE and Kuwait, linking the decision to a number of political issues, AFP reports.

The decision to renounce ownership of $15 million worth of securities was made in a European country following a comprehensive examination that established "unacceptably high" risks of human rights violations and non-compliance with climate expectations. According to Kiran Aziz, head of responsible investments at KLP, who made a comment, these states "still have authoritarian regimes of government that restrict freedom of speech and political rights, including critics and human rights defenders."

The pension fund said that Saudi Aramco oil was excluded from its portfolio primarily due to the lack of an energy transition plan. It is noted that the rest of the blacklisted companies work in the telecommunications industry and in the real estate market.

Earlier, it became known about the disputes between the two largest economies of the European Union, which are hindering the adoption of pan-European legislation on energy transfer regulations. Germany, which has completely abandoned nuclear energy, fears that France, with almost two thirds of its electricity generated by nuclear power plants, will be able to subsidize its nuclear power plants with fewer restrictions, which will lead to deformation of the EU single energy market and lower prices.