In recent years, achieving carbon neutrality by 2050 has been treated as a nearly indisputable global commitment. Governments have announced their commitments, companies have registered theirs, and financial institutions have exerted pressure through voting and escalation. However, the landscape of 2025–2026 reveals a significant shift, characterized by a loss of momentum, a reassessment of goals, or a gradual easing of standards. This is not a denial of climate change, but a repositioning dictated by economic and political considerations and the practical limits of implementation. The most prominent example of this shift comes from a player that used to lead pressure rather than alleviate it: the Norwegian Government Pension Fund Global (Norges Bank Investment Management – NBIM), one of the world's largest institutional investors.
