Norway to double renewable support by 2019

Norway is to double its support for renewable energy in developing nations by 2019. The government has proposed an increase in aid funding for green power projects from NOK495 million (£46.2m) in 2017 […]

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By Jonny Bairstow

Norway is to double its support for renewable energy in developing nations by 2019.

The government has proposed an increase in aid funding for green power projects from NOK495 million (£46.2m) in 2017 to NOK1 billion (£93m) in 2019.

The money will be channeled through the country’s Norfund instrument, which aims to secure funding for business development and job creation in developing countries, primarily in Sub-Saharan Africa.

Norway is planning an overall increase from the current annual allocation of NOK1.5 billion (£140m) to NOK2.25 billion (£210m) by 2021.

Around half of this total funding could be invested in renewable energy.

Norwegian ministers believe by helping to improve the framework conditions for the private sector and reducing risk, aid can be used as a catalyst for attracting increased private investment.

Minister of Foreign Affairs, Børge Brende, said: “Access to energy is vital for business development and job creation. It is also crucial for providing high quality education, good health services and greater security, as well as for improving people’s overall quality of life.

“At the same time, the energy sector is a major source of greenhouse gas emissions. By using aid to trigger commercial investments in renewable energy production, we are contributing to sustainable economic growth and to reducing greenhouse gas emissions.”

The European Investment Bank (EIB) is lending 350 million (£298m) for the first power link between Germany and Norway.