World’s Largest Wealth Fund to Increase Clean-Energy Investments

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Written By: Jeremy Feakins

Norway’s government announced this morning that the country’s sovereign wealth fund, the largest in the world, will be investing in clean energy—an action that could have a global impact on renewable-energy technologies.

Norway flagThis morning in Oslo, Norway’s Prime Minister, Erna Solberg, said that the country’s sovereign wealth fund is set to receive a mandate to invest in clean energy—a charge that could result in billions of investment dollars.

Solberg’s announcement reiterates the $850-billion wealth fund’s intentions to invest in a renewable and sustainable future.

“This government takes environmental problems very seriously, but we need to [take] a good look at … positive investments in renewable energy [and] sustainable companies overseas through the fund”, said Solberg.

Solberg also stated that the mandate is part of an effort to combat global warming, saying that the move isan important contribution [toward] greener growth, and to reduce global carbon dioxide.”

Already, the fund has a green-investment mandate, which by the end of 2013, made investments into 166 companies including Pentair, Johnson Controls, Danaher Corp and Enel Green Power.

Full details about the amount available for renewable-energy investments will be disclosed on April 4 by Norway’s Finance Minister, Siv Jenson.