Norway’s $2.2 Trillion Wealth Fund Weighs In on Retracted Report

Back in December, the retraction of a key climate report was seen as proof that the economic cost of global warming had been overstated. Now, Norway’s wealth fund says its own analysis indicates that would be the wrong conclusion to draw.

Scientists from the Potsdam Institute for Climate Impact Research last year took down a paper that had fed into scenarios used by central banks and investors, including Norway’s $2.2 trillion wealth fund. The retraction followed criticism from scientists and academics of the paper’s methodology, and a formal review ultimately led the paper’s authors to acknowledge “substantial” issues.