Sovereign wealth funds, institutional asset managers, wealth managers, and family offices have responded to heightened customer concern about environmental and social issues by favoring investment in companies that take their social responsibility and greenhouse gas emissions seriously. The $1 trillion Norwegian sovereign fund has excluded a set of oil companies from its portfolio, for example. The CEO of Shell, Ben van Beurden, initially underestimated such forces, arguing that setting hard carbon emission targets was a "superfluous experience", but after coming under pressure from investors he announced in 2018 that the company would set short-term targets to cut its carbon footprint.