The Norwegian government will invest $1.2 billion in developing countries' renewable projects,
and urged private investors to work with them to spend 10 billion crowns on investment in renewable energy for 5 years to cut emissions of greenhouse gases.
Norfund, the Norwegian Investment Fund, will assist initiatives to reduce fossil fuel dependency, particularly coal, beginning next year.
It may potentially mobilize some 100 billion crowns in investment through private equity partners and, according to the government, represents a significant component of Norway's commitment to the achievement of the United Nations climate change agreement and sustainable development objectives.
In industrialized nations like Norway, the greatest greenhouse gases in the atmosphere are responsible for their riches, but the headaches of climate change are in many of the less developed countries.
Following criticism of the drive of the developing world to combat climate change, the affluent countries promised to fund $100 billion annually by 2020 to help the poorer governments deal more than a decade ago with the task of adapting.
Stay updated on the latest news by subscribing to our monthly newsletter.
Read the full article.