Norway’s $70bn local government pension scheme has announced it will sell out of gambling and drinks companies, furthering the cause of responsible investment in a country that is also home to the world’s largest sovereign wealth fund.

The Kommunal Landspensjonskasse, or KLP, said it will sell out of around 90 companies as a result — 40 that derive more than 5% of their revenues from alcohol, including Norwegian liquor wholesaler Arcus; and 50 that make more than 5% of revenues from gambling, including the online Gaming Innovation Group.