The government of Norway will mandate the country's sovereign wealth fund, the largest in the world, to invest in renewable energy.
Prime Minister Erna Solberg promised that the government would create a renewable energy investment mandate with the same management requirements as other investments in the fund. Full details of the investment mandate will be delivered on April 4 by Norway's finance minister.
The Norwegian pension fund is the largest state investor in the world. Commenting on the announcement, Nina Jensen, Chief Executive Officer of leading environmental NGO WWF-Norway, said:
"We are thrilled that Norway is stepping forward to lead on renewable energy. If done at scale, this will have global impact and redefine how we use money consistent with commitments to limit climate change.”
"We have long advocated that the fund invest up to 5% in infrastructure for renewable energy. This will require a change in the guidelines for the fund, similar to the mandate to investing in property that was granted in 2010.”
“ A solid renewable energy mandate will send a tremendously powerful signal and set the standard for other international investors."
WWF is currently running a global campaign, Seize Your Power, calling on financial institutions including major sovereign wealth funds, pension funds and multilateral development banks to significantly increase their funding of renewable energy and cut funding to fossil fuels as a key means of tackling climate change.
Det Skjer!, as the campaign is called in Norway, has seen WWF-Norway leading a coalition of thirteen organisations pushing for the Norwegian sovereign wealth fund (Government Pension Fund Global) to invest directly in infrastructure, including renewable energy.
In the past twelve months the World Bank, European Investment Bank and the European Bank for Reconstruction and Development have all committed to virtually end coal investments. Norwegian private pension fund provider Storebrand has also divested from 29 coal and tar sands companies in the past year because of their obvious carbon exposure.
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