OSLO: Norway’s $1-trillion sovereign wealth fund, the world’s largest, has earned less money because of divestments it has made over the past twelve years due to ethical and environmental considerations, it said on Tuesday.
The fund funnels the proceeds of Norway’s oil and gas production. It invests in around 9,100 companies worldwide and holds on average 1.4 percent of global listed shares.
It is forbidden by law from investing in firms that produce nuclear weapons or land mines, or are involved in serious and systematic human rights violations, among other criteria.
The fund returned 1.6 percentage points less between 2006 and 2017 as a result of exclusions of companies on ethical grounds, according to a report on return and risk it published.
Some 73 companies are excluded on ethical grounds, based on the recommendation of the fund’s ethical watchdog, the Council on Ethics. Another 69 firms are excluded directly by the fund based on their dependence on thermal coal.
The biggest loss of 2.4 percentage points was caused by not being invested in products such as tobacco or nuclear weapons.
But there was an upside on some types of investments.
By being divested from firms the fund deemed were involved in severe environmental damage, corruption or gross human rights violations, it earned 0.9 percentage point more than if it had stayed invested in those firms, the report said.
Norway’s $1 trillion wealth fund earned less money due to ethical considerations
Norway’s $1 trillion wealth fund earned less money due to ethical considerations
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
