Latest update November 5th, 2024 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Norwegian Finance Ministry clarifies logging issue

Aug 27, 2010 News

– assures support for, impressed by efforts of Guyana Govt.

The Norwegian State Secretary, Ministry of Finance Hilde Singsaas yesterday wrote to Guyana’s Agriculture Minister Robert Persaud clarifying his country’s position as it relates to the divestment from Barama Company Limited, Samling Global Limited.
In that letter, Ms. Singsaas informed Persaud that the recommendation document to exclude Samling Global Ltd. largely concerns itself with the company’s activity in Sarawak, Malaysia.
The description regarding Samling Global Ltd’s daughter company Barama’s activities in Guyana primarily relates to events that took place some time ago, and as such would seem to reflect criticism of Barama already expressed publicly by Guyanese authorities.
She explained that the recommendation of the Council on Ethics does not opine on the extent of deforestation, forest degradation or environmental damage in Guyana, nor does it assess the forest policies of the Government of Guyana.
“Norway strongly supports and is impressed by the efforts of the government of Guyana to create a low-carbon and low-deforestation future, and remains a committed partner to Guyana in these efforts…On behalf of the Norwegian Government, I would like to emphasise that we look forward to continued good cooperation between Guyana and Norway in our common quest to create a low-carbon and low-deforestation future.”
It was explained that last Saturday the Norwegian Ministry of Finance announced its decision to divest from the Malaysian company Samling Global Ltd, which also has operations in Guyana.
The Government Pension Fund Global (GPFG) has divested from 51 companies on the basis of recommendations from the Council on Ethics.
The Council on Ethics makes its recommendations independently of the Norwegian Government. Its mandate is to recommend to the Minister of Finance companies where an investment by the GPFG risks breaching the Ethical Guidelines of the Fund.
Ms Singsaas explained that it is a principle that the recommendation should be forward looking and assess future risks, and also that it shall concern itself with companies’ subjective activities.
The Minister’s final decision on whether or not to divest from a company is made on the basis of the Council’s recommendation.
This, it was explained does not mean that the Minister has made an independent assessment of every claim or opinion in the Council’s recommendation, but rather that the Minister is satisfied that the recommendation document establishes beyond sufficient doubt that an investment in the company represents an unacceptable future risk of violating the Ethical Guidelines.
Following the announcement by the Norwegian Finance Ministry Persaud had sought to clarify stating that the Reuters article relaying the story had misrepresented the operations of Barama in Guyana.
He had also indicated his intention to make formal representation to the Norwegians to seek to clarify the issue.
The Government Pension Fund Global Norway’s repository of oil revenues follows ethical guidelines set by the government, and among the companies it refuses to invest in are those that produce nuclear weapons or cluster munitions, damage the environment or abuse workers’ rights.
“The Council on Ethics has assessed Samling Global, and concluded that the company’s forest operations in the rainforests of Sarawak and Guyana contribute to illegal logging and severe environmental damage,” Finance Minister Sigbjoern Johnsen had said in a statement.
Persaud subsequently rebuffed an article, “Norway oil fund excludes 2 Israeli companies” which he said conveyed the wrong message about logging operations in Guyana, and as such he had to offer some clarifications on a specific statement in the article.

Similar Articles

The Glenn Lall Show | September. 30th, 2024

Follow on Tik Tok @Glennlall

October 1st turn off your lights to bring about a change!

THE BLUNT OF THE DAY

Sports

Uncertainty clouds Golden Jaguars’ Head Coach position as Barbados showdown approaches

Uncertainty clouds Golden Jaguars’ Head Coach position as...

Nov 05, 2024

  By Rawle Toney Kaieteur  Sports- With less than two weeks before the Golden Jaguars meet Barbados in back-to-back encounters that could shape their Gold Cup destiny, the Guyana Football...
Read More
Greaves makes history with magnificent 151* to lead Hurricanes to seven-wicket win over Red Force

Greaves makes history with magnificent 151* to...

Nov 05, 2024

Dominica’s Olympic champion Thea LaFond-Gadson awarded nation’s highest honour

Dominica’s Olympic champion Thea LaFond-Gadson...

Nov 05, 2024

Julien Alfred named finalist for World Track Athlete of the Year among elite group of Olympic champions

Julien Alfred named finalist for World Track...

Nov 05, 2024

Junior Sinclair replaces Kevin Sinclair in the CG United Super 50 Cup 2024

Junior Sinclair replaces Kevin Sinclair in the CG...

Nov 05, 2024

Hamilton Green KO Football Championship starts Friday

Hamilton Green KO Football Championship starts...

Nov 05, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]