• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 42 mins U.S. Presidential Elections Status - Electoral Votes
  • 10 hours Tesla Semi
  • 24 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 hours CV19 VACCINE : Medical Ethics , "Do no harm"
  • 7 hours “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav
  • 3 days Mail IN Ballot Fraud
Iran's Leading Nuclear Bomb Expert Assassinated

Iran's Leading Nuclear Bomb Expert Assassinated

Dr. Mohsen Fakhrizadeh, known as…

Norway’s $1-Trillion Fund Eyes Unlisted Renewable Assets

Weeks after Norway’s government proposed that the country’s US$1-trillion fund divest from pure exploration and production oil companies, the cabinet said on Friday that it will allow the world’s biggest sovereign wealth fund to invest in unlisted renewable energy infrastructure.

“The Government is now allowing for the Government Pension Fund Global to be invested in unlisted renewable energy infrastructure. The investments shall be made within the scope of the special environment-related mandates only,” the Norwegian government said in a statement.

Norway is also doubling the upper limit on unlisted green energy investments from US$7 billion (60 billion Norwegian crowns) to US$14 billion (120 billion crowns).

“The market for renewable energy is growing rapidly. A major part of the renewable energy investment opportunities is found in the unlisted market, especially in unlisted infrastructure projects. Expectations of significant investments going forward mean that this market is of interest to institutional investors such as the Government Pension Fund Global,” according to the Norwegian government.

“We are not stipulating that the Fund shall be invested in unlisted renewable energy infrastructure, but are enabling Norges Bank to make such investments if deemed profitable,” Norway’s Finance Minister Siv Jensen said.

Related: Is This The End Of Colorado’s Shale Boom?

The world’s largest sovereign wealth fund—created three decades ago to safeguard and manage Norway’s oil wealth for future generations—made headlines last month, when the government proposed that the fund divest from oil and gas exploration companies.

The move by the Norwegian government and the fund comes at a time when investors are increasingly pressing major oil companies to start taking climate change seriously and to prepare their business portfolios for a world of peak oil demand, whenever that may come.

Norway, however, claims that its decision is motivated by financial reasons, with the country aiming to cut exposure to the oil price risk. More importantly, the fund will not be divesting from any of the Big Oil firms.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News