Norges Bank Investment Management, the entity overseeing the fund, expressed its opposition in a letter to the regulator this Friday. While the SEC is weighing the rescission of rules requiring climate disclosures in annual reports, the Norwegian manager advocates for maintaining the current materiality standards. Chief Governance and Compliance Officer Carine Smith Ihenacho stated that the rules offer a vital analytical layer, helping investors understand how climate risks impact strategy and financial health.

Rather than a total rollback, the fund suggests exploring alternatives that address concerns regarding compliance costs while ensuring that investors retain access to critical information. With the United States accounting for 53% of its total investments, the fund’s stance carries significant weight in American markets. Currently, the Norwegian giant holds $822 billion in U.S. equities, maintaining an average ownership stake of 1.2% across its American portfolio.