NEWS
Oil   Renewable Energy  

Norway’s $1Trillion Fund Eyes Renewable Assets

Weeks after Norway’s government proposed that the country’s $1-trillion fund divest from pure exploration and production oil companies, the cabinet said 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, Oil Price reported.

Norway is also doubling the upper limit on unlisted green energy investments from $7 billion to $14 billion.

“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.

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.

News No: 4249
Date: 2019/04/08 - 16:07
News Source: Financial Tribune

Norway  renewable energy  Oil  Norges Bank  business 

Comments:

Leave a Comment:

   
   
   
 

Iran’s 2-month non-oil trade exceeds $9b

The value of Iran’s non-oil trade during the first two months of the current Iranian calendar year (March 20-May 20) stood at $9.341 billion, IRNA reported on Sunday.
 

Non-oil exports to neighbors can be doubled in 2 years: TPO head

The head of Iran’s Trade Promotion Organization (TPO) says the country is capable of doubling non-oil exports to its neighbors in two years.
 

EUROPE HRC: Domestic prices fall in the north

Domestic prices for hot-rolled coil in Northern Europe went down day on day on Friday May 29 due to poor demand.
 

Iran Sees 13.5% Growth in Non-Oil Exports Last Year

Export volume of non-oil commodities in the last Iranian calendar year [ended March 19] stood at 133.9 million tons, showing a 13.5% surge as compared to the previous year, head of Iran’s Mine House Mohammad Reza Bahraman said on Wednesday.
 

Over $3b allocated to supply basic goods in 2 months

Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati said the bank has managed to supply over $3 billion foreign currency for importing basic goods in the first two months of the current Iranian calendar year (March 20-April 19).
 

European Commission working on sustainable battery rules

A report by S&P Global Platts states that the European Commission plans to propose EU sustainable battery rules by October.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners