‘Historic breakthrough’: Norway’s giant oil fund dives into renewables

by Damian Carrington, Grist

Norway’s $1 trillion oil fund, the world’s largest sovereign wealth fund, is to plunge billions of dollars into wind and solar power projects. The decision follows Saudi Arabia’s oil fund selling off its last oil and gas assets.

Other national funds built up from oil profits are also thought to be ramping up their investments in renewables. The moves show that countries that got rich on fossil fuels are diversifying their investments and seeking future profits in the clean energy needed to combat climate change. Analysts say the investments are likely to power faster growth of green energy.

Norway’s government gave the go-ahead on Friday for its fund to invest in renewable energy projects that are not listed on stock markets. Unlisted projects make up more than two-thirds of the whole renewable infrastructure market, which is worth trillions of dollars.

Read more: https://grist.org/article/historic-breakthrough-norways-giant-oil-fund-dives-into-renewables/?utm_content=buffer0873a&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer&fbclid=IwAR3wcDWDkF1SVD1lw0GLgvyQFN0o4rFIapLzbnwcHzfDT76CgP157mL4DI0

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