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The Norwegian government said on Wednesday it would allocate 10 billion kroner ($1.
16 billion) over five years for renewable energy investments in developing countries to reduce greenhouse gas emissions, and urged private investors to work
with it.
The Climate Fund, managed by Norwegian investment fund Norfund, will start supporting projects
to reduce its dependence on fossil fuels, especially coal, next year.
Ultimately, the government said, it could raise around 100 billion crowns of investment through partnerships with private capital, an important part of
Norway's contribution to achieving the UN climate change agreement and the Sustainable Development Goals.
"To successfully reduce greenhouse gas emissions, especially in Asia, we need to mobilize more business capital," Prime Minister Erna Solberg said in a statement, "and we will urge investors to partner
with the Climate Investment Fund once it is up and running.
" ”
Norway spends 6.
3 billion crowns a year on climate finance as part of its development assistance budget, a spokesman for the Norwegian Foreign Ministry, said a spokesman for the Norwegian Foreign Ministry
.
Industrialized countries, such as Norway, whose vast fortunes come from the sale of oil and gas, are responsible for most of the excess greenhouse gases that accumulate in the atmosphere, while many less developed countries bear the brunt of climate change
.
In the face of criticism from developing countries, Norway pledged more than a decade to provide $100 billion a year from 2020 to help poorer countries cope with the challenge
of climate change.
They contributed nearly $80 billion
in 2018.
Final data for 2020 has not yet been released
.
The UN climate summit in the UK in November will try to persuade countries to reduce greenhouse gas emissions
faster.
U.
N.
Secretary-General Antonio Guterres said in June that the success of the talks could be difficult and would depend on a breakthrough
in financial contributions from rich countries.
The Norwegian government said on Wednesday it would allocate 10 billion kroner ($1.
16 billion) over five years for renewable energy investments in developing countries to reduce greenhouse gas emissions, and urged private investors to work
with it.
The Climate Fund, managed by Norwegian investment fund Norfund, will start supporting projects
to reduce its dependence on fossil fuels, especially coal, next year.
Ultimately, the government said, it could raise around 100 billion crowns of investment through partnerships with private capital, an important part of
Norway's contribution to achieving the UN climate change agreement and the Sustainable Development Goals.
"To successfully reduce greenhouse gas emissions, especially in Asia, we need to mobilize more business capital," Prime Minister Erna Solberg said in a statement, "and we will urge investors to partner
with the Climate Investment Fund once it is up and running.
" ”
Norway spends 6.
3 billion crowns a year on climate finance as part of its development assistance budget, a spokesman for the Norwegian Foreign Ministry, said a spokesman for the Norwegian Foreign Ministry
.
Industrialized countries, such as Norway, whose vast fortunes come from the sale of oil and gas, are responsible for most of the excess greenhouse gases that accumulate in the atmosphere, while many less developed countries bear the brunt of climate change
.
In the face of criticism from developing countries, Norway pledged more than a decade to provide $100 billion a year from 2020 to help poorer countries cope with the challenge
of climate change.
They contributed nearly $80 billion
in 2018.
Final data for 2020 has not yet been released
.
The UN climate summit in the UK in November will try to persuade countries to reduce greenhouse gas emissions
faster.
U.
N.
Secretary-General Antonio Guterres said in June that the success of the talks could be difficult and would depend on a breakthrough
in financial contributions from rich countries.
