Norway’s sovereign wealth fund reportedly excluded Adani Green Energy in February 2026 over an unacceptable risk of gross corruption or other serious financial crime, according to ABC Nyheter’s 20 May 2026 report. That is a risk-based investment decision, not proof of a criminal conviction. The report drew renewed attention after Indian Prime Minister Narendra Modi’s May visit to Oslo, but available sources do not establish that he asked Norway to change the fund’s position or that the visit affected it.
What Norway reportedly decided
ABC Nyheter reported that Norway’s Government Pension Fund Global excluded Adani Green Energy in February 2026 because of an unacceptable risk of gross corruption or other serious financial crime. The report does not itself establish a criminal conviction, and the available material does not include the company-specific recommendation or full evidentiary record behind the reported decision.
Norway’s Council on Ethics 2025 annual report says it recommended excluding one unnamed Indian company for corruption risk after reviewing utilities-sector companies. Its summary does not identify that company as Adani Green Energy. The two accounts are consistent with a possible connection, but the annual-report passage alone does not confirm that they concern the same company.
How the Adani Green report fits Norway’s ethics process
The chronology is not fully clear from the available records. Norway’s Ministry of Finance says interim guidelines were in place by 3 February 2026 while the government reviewed the ethical framework for the fund. Under that interim arrangement, the Council on Ethics continued monitoring holdings and informing Norges Bank about companies for potential ownership activity, but it did not make exclusion or observation recommendations. Norges Bank followed up through ownership activities rather than making exclusion decisions.
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Because ABC Nyheter dates the reported exclusion only to February, the available sources do not show whether the decision was made before or after the interim arrangements took effect, how any transition rules applied, or what legal and procedural basis governed it. Do not treat the annual report’s unnamed recommendation as a complete account of the reported exclusion.
The Council’s 2025 report also describes broader corruption monitoring: it reviewed around 50 healthcare companies and said two companies were under observation for corruption risk. Those figures concern the Council’s wider work, not Adani Green Energy.
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Adani Green Energy and Adani Ports are separate cases
Norway’s action concerning Adani Ports and Special Economic Zone was a different case from the reported Adani Green Energy exclusion. The Council on Ethics’ 2024 annual report describes an exclusion recommendation for Adani Ports over an unacceptable risk of contributing to serious violations of individuals’ rights in situations of war or conflict, connected with the company’s Myanmar port activity. That stated ground is not the corruption-risk ground reported for Adani Green Energy.
| Company | Reported ethical ground | What the cited records establish |
|---|---|---|
| Adani Green Energy | Unacceptable risk of gross corruption or other serious financial crime, as reported by ABC Nyheter | ABC Nyheter reported a February 2026 exclusion. The Council’s 2025 annual-report summary mentions an unnamed Indian company recommended for exclusion on corruption grounds but does not name it. |
| Adani Ports and Special Economic Zone | Risk of contributing to serious rights violations in situations of war or conflict, connected with Myanmar | The Council’s 2024 annual report describes an exclusion recommendation on this separate ground. |
Former Council on Ethics member Cecilie Hellestveit told ABC Nyheter that the Adani cases were assessed based on company conduct. She said: “Adani-saken var i utgangspunktet en Myanmar-sak. Vi vurderte hvilken rolle selskapene hadde der, og risikoen for medvirkning til grove internasjonale forbrytelser.” In English: “The Adani case was initially a Myanmar case. We assessed what role the companies had there and the risk of complicity in gross international crimes.”
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Why the decision became politically sensitive
ABC Nyheter placed the reported exclusion against Modi’s May 2026 visit to Oslo, during which Norway and India announced agreements and a green strategic partnership. According to the outlet, the fund’s reported Adani Green decision was not publicly discussed during the visit, even as the two countries highlighted closer ties.
Indian opposition leader Rahul Gandhi raised the issue on X, asking, as quoted by ABC Nyheter: “Modi ji, did Norway agree to your personal request to remove Adani from their pension fund blacklist?” The question shows that the fund’s treatment of Adani became a subject of political scrutiny. It is not evidence that Modi made such a request, that Norway agreed to one, or that the fund’s decision was influenced by the visit.
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What investors and readers can conclude
- The reported action concerns Adani Green Energy and a stated risk of gross corruption or other serious financial crime—not a conviction established by the cited sources.
- The Council on Ethics’ 2025 report refers to an unnamed Indian company recommended for exclusion on corruption grounds; its summary does not identify Adani Green Energy.
- Adani Ports’ Myanmar-related case involved a different company and a different ethical ground.
- The diplomatic timing prompted questions, but the available reporting does not establish a personal request or government intervention.
- The interim ethics framework makes the exact February 2026 decision timeline and procedure important, and those details are not resolved by the available records.
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