Norway to spend oil cash on renewables says PM

Image: ThinkstockImage: Thinkstock

Norway is going to spend some of its oil profits on renewable energy.

Prime Minister Erna Solberg said this week the sovereign wealth fund would be invested in green energy.

Just last week the politician sometimes described as “Iron Erna” told Reuters her country shouldn’t dig too deeply into its $850 billion wealth fund in its new budget.

However it seems she isn’t averse to a modest green spending spree.

Taking questions after a speech in Oslo on Thursday, Norway’s leader said: “This government takes environmental problems very seriously but we need to have a good look at how to address through positive investments in renewable energy in sustainable companies overseas through the fund.”

Norway's Prime Minister Erna Solberg. Image: Norwegian Government/ Thinkstock

Norway’s Prime Minister Erna Solberg. Image: Norwegian Government/ Thinkstock

She added: “It’s important that Norway leads the way beyond our borders,” reported Bloomberg.

Environmental groups were naturally delighted by the news.

Nina Jensen, CEO of WWF-Norway said: “The pension fund is the largest state investor in the world. A solid renewable energy mandate will send a tremendously powerful signal and set the standard for other international investors.”

WWF has called on the Norwegian Government to invest up to 5% of the fund in infrastructure for renewable energy.

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