Investments in deep water: The pension fund’s holdings in destructive dam projects

Through the Government Pension Fund (hereby referred to as The Fund) income from the Norwegian oil activities is invested in foreign security. This report is divided into three parts. The first part deals with how The Fund is managed with a focus on the Central Bank of Norway and the Ethical Council’s work in relation to the ethical guidelines. The second section focuses on global trends in dam construction; the types of companies that are currently building dams, and the consequences of such projects. The third section looks closely at a few case studies that are in the planning or development stages. All presented cases are highly controversial and of current interest at the time of writing, they also include companies that are part of the Fund’s portfolio. We argue that the operations of these companies are contrary to The Fund’s ethical guidelines