OSLO, July 7 (Reuters) - Norway will allocate 10 billion crowns ($1.16 billion) over five years towards renewable energy investments in developing countries to cut greenhouse gas emissions, the government said on Wednesday, and urged private investors to work with it.
The climate fund, administered by the Norwegian Investment Fund for developing countries, Norfund, will from next year support projects to reduce dependence on fossil-fuels, especially coal.
Eventually, it could mobilise around 100 billion crowns in investments via partnerships with private capital and is an essential part of Norway’s contribution to achieving the United Nations’ climate change agreement and sustainable development goals, the government said.
“To succeed in reducing greenhouse gas emissions, particularly in Asia, we need to mobilise more commercial capital,” Prime Minister Erna Solberg said in a statement.
The United Nations climate summit in November in Britain will attempt to persuade countries to cut greenhouse gas emissions faster.
“, Erna Solberg, General Antonio Guterres, Nerijus, Barbara Lewis
Norwegian Investment Fund, United, ”
OSLO, Norway, United Nations, Asia, Britain