In February 2017, it was reported that Norway's sovereign wealth fund, one of the world's largest, had blacklisted Volkswagen. This decision stemmed from Volkswagen's diesel emissions scandal, where the company admitted to installing 'defeat devices' in its diesel vehicles to cheat on emissions tests. The fund's council on ethics recommended the exclusion of Volkswagen from its investment portfolio, citing the severity and systemic nature of the environmental damage and corporate misconduct.
The exclusion meant that the Norwegian fund would divest its holdings in Volkswagen, which at the time amounted to a significant investment. This move highlighted the growing influence of environmental, social, and governance (ESG) factors in major institutional investment decisions. The fund's action served as a strong signal to other investors and corporations about the financial repercussions of failing to meet ethical and environmental standards.
While the original article mentions 'VW, Amazon and others name blacklisted groups among potential suppliers,' the available content from the provided FT link and search results specifically details the blacklisting of Volkswagen by the Norwegian fund, rather than Volkswagen naming blacklisted groups as suppliers. The FT article from 2017 focuses on Volkswagen being the blacklisted entity due to its past environmental controversy.
