Nike, Sovereign Wealth Fund of Norway in talks for Sustainability Partnership
Norway's sovereign wealth fund, the world's largest, is in talks with Nike Inc. about a potential partnership focused on sustainability.
If successful, the partnership would be a significant step for both Nike and the sovereign wealth fund, which manages Norway's oil revenues. Nike has been under pressure from consumers and investors to improve its environmental and social practices, while the sovereign wealth fund is increasingly looking to invest in companies that are committed to sustainability.
The talks between Nike and the sovereign wealth fund are still at an early stage, and there is no guarantee that a deal will be reached. However, if a deal is reached, it would be a major coup for Nike and would send a strong signal to other companies that sustainability is increasingly important to investors.
The sovereign wealth fund has a long history of investing in sustainable companies. In 2019, the fund announced that it would divest from companies that derive more than 10% of their revenue from coal mining.
Nike has also been making progress on sustainability in recent years. In 2020, the company announced that it would reduce its carbon footprint by 50% by 2030.
A partnership between Nike and the sovereign wealth fund would be a major step forward for both organizations. It would signal that sustainability is increasingly important to investors and would help Nike to achieve its sustainability goals.
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