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Norwegian sovereign wealth fund to invest in renewable energy

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(Credit: Reuters) Norway's Prime Minister Erna Solberg speaks at the European People's Party (EPP) Elections Congress in Dublin.Erna Solberg
March 18
10:27 AM 2014

Norwegian Prime Minister Erna Solberg has announced that the country is channeling a major investment in the renewable energy infrastructures through its sovereign wealth fund. The investment is designed to help Norway reach its climate goals for 2020, according to Climate Progress.

Boiler Juice cited Norway's World Wildlife Fund (WWF) chief executive Nina Jensen saying of the planned investment: "If done at scale, this will have global impact and redefine how we use money consistent with commitments to limit climate change. We have long advocated that the fund invest up to five per cent in infrastructure for renewable energy. This will require a change in the guidelines for the fund, similar to the mandate to investing in property that was granted in 2010."

WWF, the world's biggest state investor, is also encouraging other financial entities to take a significant hike in their renewable energy funding. This campaign is called Seize Your Power (Det Skjer in Norway). The scheme also urges companies to reduce their fossil fuel funding to help combat climate change, the report explained.

Germany is also one of the European countries pouring money into renewable energy, Boiler Juice reported.

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