Norwegian fund to boost investment in green projects
Norwegian finance minister Siv Jensen announces that a larger share of the country's £518 billion sovereign wealth fund will be directed towards boosting the green economy
The Norwegian government is set to increase its investment in environmental projects through the country’s sovereign wealth fund, according to an announcement on Friday.
The US$860 billion (£518 billion) fund owns around 1 per cent of the world’s stock and around 8 per cent of its investments are in the coal, oil and gas sectors.
It has taken steps in recent months to improve its ethical investment policy and has moved to exclude companies that are involved in human rights and environmental violations.
The fund has a mandate to invest between kr20-30 billion (£2-3 billion) in environmentally focussed projects to boost the green economy and the Norwegian finance minister Siv Jensen (pictured right) announced that this will almost double under the new plans.
Environmental groups have said the measures are insufficient and should go further to boost investment in renewables. The head of the World Wide Fund for Nature in Norway, Nina Jensen labelled the announcement a "huge unkept promise".
WWF have called for the fund's mandate to be broadened to allow it to also invest in environmentally friendly infrastructure such as solar energy and wind power, and for five per cent of its value (kr255 billion) to be earmarked for that purpose.
WWF said: "Norway announced today that it will increase investment in environmental projects, but fell short of setting an increased dollar amount specifically targeting the renewable energy sector.".
