World's Largest Sovereign Wealth Fund Drops Adani Green From Portfolio Norway’s $2-trillion sovereign wealth fund, managed by Norges Bank Investment Management, has excluded Adani Green Energy Limited from its investment portfolio. The decision follows concerns about "gross corruption or other serious financial crime" linked to the company. This marks the second exclusion of Adani Group firms by the fund, which had previously removed Adani Ports and Special Economic Zone Ltd in May 2024. The exclusion of Adani Green Energy was announced in a November 2025 update to the fund’s website, which listed the company among those excluded or placed on observation. The decision was communicated to stakeholders on February 26, 2026. According to the fund’s guidelines, companies are excluded based on ethical and legal risks, including violations of human rights in conflict zones. The exclusion of Adani Ports and SEZ Ltd in May 2024 was similarly based on allegations of contributing to serious human rights abuses in war or conflict situations. The fund’s Executive Board cited a recommendation from its Council on Ethics, dated November 21, 2023, as the basis for the exclusion. The Council on Ethics evaluates companies for potential ethical risks, such as environmental harm, labor violations, or ties to armed conflicts. Adani Ports and SEZ Ltd had been under observation since March 2022, highlighting the fund’s long-term scrutiny of the company. The fund’s guidelines allow temporary exclusion decisions but restrict the ability to make new exclusions beyond a certain point. Until November 2025, the fund’s Executive Board retained authority to decide on exclusions, while a Norwegian government-appointed committee reviewed the ethical framework.#norway_sovereign_wealth_fund #norges_bank_investment_management #adani_green_energy_limited #council_on_ethics #sec_gautam_adani
