The recent announcement by Norway’s sovereign wealth fund to invest in renewables could have a global impact according to WWF-Norway. The organization’s CEO Nina Jensen applauded the country’s maneuvers and said, “If done at scale, this will have global impact and redefine how we use money consistent with commitments to limit climate change.”
WWF-Norway has been a proponent for the fund to invest up to 5% in infrastructure for renewable energy which will require a change in the guidelines for the fund. Jensen added: “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.”
“The mandate should allow for direct investment in renewable infrastructure where a large scale of capital is urgently needed,” says WWF financial analyst Lars Erik Mangset. “We will be looking to see if the government award a mandate to allow up to 5% of the fund to be invested into renewable energy infrastructure and exactly how they extended the fund to invest in real estate.”
"It is rare that one government alone can bend the curve on climate change. Norway, through its sovereign wealth fund, can,” says Samantha Smith, Leader, WWF’s Global Climate & Energy Initiative. “WWF now looks to Norway’s leaders to commit to renewable energy investment at a scale that will make a global difference. This will be their legacy, and we are watching."
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