Norwegian Pension Fund To Invest $3 Billion In Cleantech

Apr 10 2009 | 1:13am ET

Norway has announced plans to invest NOK 20 billion ($3.1 billion) of its government pension fund in clean technology over the next five years.

According to Norwegian Finance Minister Kristin Halvorsen, the fund will focus on investments “that can yield indisputable benefits,” including clean energy, carbon capture and storage, waste and pollution management and energy efficiency improvement.

Particular attention will be paid to projects promoting sustainable growth in emerging economies, said Halvorsen.

The plan also includes a climate-change study in relation to financial markets.

“In the same way as the Stern Review provided important knowledge about the impact of climate change on the general economic development globally, work of a similar nature might shed light on the effect on financial markets more specifically,” said Halvorsen.

The project is the latest in a series of changes to investment criteria for the $300 billion pension fund, which has stopped backing tobacco-producing companies and evaluates corporate governance and attitudes to environmental issues when weighing potential investments.

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