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.

Similar articles

  • UK ends quarantine for vaccinated visitors from US and EU, France excluded

    UK ends quarantine for vaccinated visitors from US and EU, France excluded

    Fully vaccinated travelers from the United States and much of Europe will be able to enter Britain without quarantining starting next week, UK officials said Wednesday, AP reported. The British government said people who have received both doses of a vaccine approved by the FDA in the US or by the European Medicines Agency, which regulates drugs for the European Union and several other countries, will be able to take pre- and post-arrival coronavirus tests instead of self-isolating for 10 days after entering England.

    26
  • Fast vaccination drives up the UK economy

    Fast vaccination drives up the UK economy

    The UK economy would grow faster than previously expected this year on the back of fast vaccination rollout, shows a paper, issued by the International Monetary Fund. The Fund said that the prospects of rich and poor nations diverged more due to differing access to Covid vaccines, BBC elaborated. The forecast for the UK reaches as high as 7% growth of GDP.

    25
  • UK virus cases fall for seven days in a row to experts’ surprise

    UK virus cases fall for seven days in a row to experts’ surprise

    Britain registered lower coronavirus case numbers for seven days in a row on Tuesday, a decline that has surprised officials and experts. However, PM Boris Johnson called for caution, news wires reported. Recorded infection rates across the UK have dropped for seven consecutive days with 23,511 new cases announced on Tuesday compared to 46,558 a week earlier -- a fall of nearly 50%.

    32