• 7 hours OPEC, Russia Said To Announce Oil Pact Extension On Nov 30
  • 10 hours Wintershall And LetterOne In Talks For $12B Oil, Gas Merger
  • 12 hours India Exempts State Oil Firms Mergers From Competition Approval
  • 14 hours Turkey Targets $5B Investment In Wind Energy By End-2017
  • 16 hours Weatherford Looks To Sell Assets To Ease Some Of $8B Debt
  • 17 hours OPEC Set To Move Fast On Cut Extension Decision
  • 20 hours Nigeria Makes First Step Away From Oil
  • 1 day Russia Approves Profit-Based Oil Tax For 2019
  • 1 day French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 2 days Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 2 days Oil Production Cuts Taking A Toll On Russia’s Economy
  • 2 days Aramco In Talks With Chinese Petrochemical Producers
  • 2 days Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 2 days Maduro Names Chavez’ Cousin As Citgo Boss
  • 2 days Bidding Action Heats Up In UK’s Continental Shelf
  • 2 days Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 3 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 3 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 3 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 3 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 3 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 4 days Oil Prices Rise After API Reports Major Crude Draw
  • 4 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 4 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 4 days Statoil Looks To Lighter Oil To Boost Profitability
  • 4 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 4 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 4 days Whitefish Energy Suspends Work In Puerto Rico
  • 4 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 4 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 5 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 5 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 5 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 5 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 5 days ConocoPhillips Sets Price Ceiling For New Projects
  • 7 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 8 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
Are Autonomous Cars Ready To Ditch The Backup Driver?

Are Autonomous Cars Ready To Ditch The Backup Driver?

Self-driving cars are being tested…

OPEC Will Extend The Cut

OPEC Will Extend The Cut

Oil analysts may be increasingly…

Norway’s Sovereign Wealth Fund Gives a Boost to Global Renewable Energy

Norway’s Sovereign Wealth Fund Gives a Boost to Global Renewable Energy

The Norwegian sovereign wealth fund is the largest in the world at around $750 billion, and a new government is currently being formed in Oslo that is considering investing some of the wealth in renewable energy projects across the world.

Formed in 1990, the fund generates money from taxes on Norway’s oil and gas industry, as well as owning several fields in the North Sea, and a 67% stake in Statoil. It also owns large shares in many of Europe’s largest companies, and it has been calculated that one in every $80 invested in equities around the world is owned by Norway, giving the fund massive influence over the global financial market.

Related article: EIA Predicts U.S to be 2013’s Largest Petroleum Producer

Samantha Smith, the head of global climate and energy initiative at the World Wildlife Fund (WWF), explained that “if Norway actually does this, it will be an unprecedented shift in the global investment community and also for tangible action on climate change.”

After the elections that took place in September, truthdig reports that a centre-right coalition government is being formed by Erna Solberg, the leader of the Conservative party. One of the first proposals that they have talked about is to use the sovereign wealth fund, officially known as the Norwegian Government Pension Fund Global, to invest in renewable energy projects in developing countries, and the global renewables sector.

The WWF is asking the Norwegian government to give 5% of its investment portfolio to invest in renewable energy infrastructure, and end all investment in coal and tar sands.

Related article: Sweden Looks to Import Garbage for Energy

The common argument given by climate scientists is that, if we don’t keep global average temperature rises to less than 2°C by 2050, then we will suffer from a dangerous change to the climate. Earlier in the year the International Energy Agency (IEA) said that there is little hope of keeping the temperature rise to less than 2°C, without around $2 trillion of investment in renewable energy by 2020.

It is thought by some that Norway could act as a trend setter if they decide to invest their wealth fund in renewable energy projects. If Norway invests the fund directly, then other sovereign wealth funds around the world may begin to do the same.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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