The Guardian reports that Norway will divest billions of dollars, from is trillion-dollar government pension fund, from fossil fuels and will invest more deeply into clean energy markets. As a giant global fund, owning an average of 1,3% of every listed company in the world, this decision will reverberate across international markets. Norway’s decision will result in its government pension fund divesting from around 150 upstream oil and gas companies, though the not the majors; and divesting billions more in coal companies.
Bloomberg reports that this coal exclusion may reach US$5,8-billion, based on NGO estimates. The fund will be, for the first time, allowed to invest up to $20-billion in renewables (2% of the fund), starting mainly with wind and solar projects in developed markets. The initial renewables investment is recommended at up to $14-billion but the initial actual upper cap is higher at 2%, which is over $20-billion. According to Norway’s finance ministry’s own commissioned analysis, the value of the global renewable energy infrastructure market is estimated to grow by almost 50%, from $2,9-trillion in 2017 to $4,2-trillion in 2030, driven mainly by new solar and wind power capacity additions.
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Source: EE plublishers