Norway to spend $1.2bn on renewable projects abroad

Photo: EPA Erna Solberg

Norway announced it would channel some 10 billion crowns ($1.16 billion) in the next five years to fund renewable energy investments based in developing countries. The initiative is aimed to to cut greenhouse gas emissions worldwide, Reuters reported. The Norwegian climate fund, administered by the Norwegian Investment Fund for developing countries, from 2022 will back projects to reduce dependence on fossil-fuels, especially coal.

Furthermore it could raise some 100bn crowns in investments through partnerships with private capital and is an essential part of Norway's contribution to achieving the UN climate change agreement and sustainable development goals, the Norwegian government said.

"To succeed in reducing greenhouse gas emissions, particularly in Asia, we need to mobilise more commercial capital," Prime Minister Erna Solberg said in a statement. "I urge investors to work with the climate investment fund when it is up and running." The support will be in addition to the 6.3 billion crowns Norway spends every year in climate financing as part of its development aid budget, a foreign ministry spokesperson said. Industrialised nations, such as Norway whose great wealth is accumulated from selling oil and gas, are responsible for most of the excess greenhouse gases released in the atmosphere, while many less developed nations bear the brunt of climate change.

Facing criticism from the developing world that the drive to tackle climate change denies it the progress wealthier nations enjoy, rich countries pledged more than a decade ago to channel $100 billion a year in funding from 2020 onwards to help poorer nations to cope with the challenge of adapting. They contributed nearly $80 billion in 2018. The final data for the 2020 is not yet available.

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