Norway’s Government Pension Fund Global should invest in agricultural land and forests as a hedge against any climate change policies that governments around the world may introduce, according to a report specially prepared by investment consultant Mercer.

The Nkr3.3 trillion ($550bn) fund, the second-largest sovereign wealth fund in the world, according to the SWF Institute, should invest in these commodities "as a 'hedge' against climate policy measures that are not fully anticipated by the market", Mercer's report said.