- Norway’s government makes funding available for developing countries to accelerate renewable energy.
- The funding mechanism will be capitalised to a tune of 2 billion NOK.
The Norwegian government is launching a new climate and renewable energy fund for developing nations to finance adaptation, resilience and mitigation of climate change. The funding mechanism will be managed by the Norwegian Investment Fund for Developing Countries (NORFUND).
According to a news report, the financing mechanism will be capitalised annually to 2 billion Norwegian kroner (NOK), above 195 million euros.
“The Climate Investment Fund will play a central role in realising the government’s ambition to double our annual global climate finance. I am convinced that Norfund will manage the fund in such a way that every NOK allocated will have a maximum effect on the climate,” Norwegian Development Minister Anne Beathe Tvinnereim said. According to the Norwegian government, the objectives of the new fund are to help reduce or avoid greenhouse gas (GHG) emissions by investing in renewable energy in developing countries with high emissions from burning coal and other fossil fuels.