Norway’s largest pensions’ manager divested from a swathe of Gulf companies on concerns they may facilitate human rights violations and decided to exclude Saudi Aramco because of climate risks.

KLP, which oversees $70 billion, blacklisted a dozen companies listed in Saudi Arabia, Qatar, the United Arab Emirates and Kuwait from its investment universe. The divestments mostly reflect an “unacceptable” risk of contributing to human rights abuses, KLP said, with Aramco targeted separately for its negative impact on the environment.