Norway’s sovereign wealth fund, the world’s largest, said it would no longer invest in Duke Energy Corp over the US-based utility’s environmental record, a rare move against a specific company to penalise conduct.

Norway has made similar judgments to divest from global giants like Wal-Mart Stores over human-rights allegations and Rio Tinto over accusations of environmental damage. The fund manages more than $900 billion, amassed from the country's oil wealth, and enforces a set of ethical standards for its investments.