Norway's oldest windfarm, Smøla, developed by Statkraft in 2002. Photo: Statkraft
Norway's oil fund has asked to shift part of its vast $830bn holdings into green infrastructure projects such as wind turbines and solar energy parks in the wake of last week's climate deal in Paris.
Yngve Slyngstad, manager of the Norwegian Government Pension Fund, the world's largest sovereign wealth fund, made the request in a letter to Norway's Ministry of Finance, published in Norway's Dagens Næringsliv business newspaper on Tuesday.
“The bank believes it will be possible to carry out investments in infrastructure for renewable energy with the same profitability requirements as other investments,” wrote Slyngstad and Jon Nicolaisen, the deputy governor of Norges Bank, which manages the fund.
“If we get a more sustainable world economy, it is obviously much more profitable for us in the long term,” he told DN. “The closer we get to an agreement that reduces the risk, the better.”