Kuwait Seeks to Remake $700 Billion Wealth Fund for ESG Era

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Kuwait Investment Authority wants to make its entire portfolio compliant with environmental, social and governance standards, its managing director said, as Gulf nations reliant on crude move toward life after oil.

Kuwait has built up its riches thanks to vast crude exports — something which puts the engine of its economy at odds with ESG principles. Unlike regional neighbors the United Arab Emirates and Saudi Arabia, Kuwait hasn’t set a net-zero carbon emissions goal despite recording some of the planet’s hottest temperatures.

Yet the KIA, which manages $700 billion according to the Sovereign Wealth Fund Institute and has its own governance …

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