The Norwegian Government has announced plans to allocate NOK 10 billion (£0.83bn) over a period of five years for a new climate investment fund.

The fund will invest in renewable energy projects in developing countries, particularly those nations with high emissions from coal-fired power plants, starting in 2022.

It will invest in countries that are in need of sustainable energy solutions to help tackle climate change, reduce emissions and support the Paris Agreement goals.

The funding will come from the national budget and from Norfund, the Norwegian Investment Fund for developing countries.

Dag-Inge Ulstein, Minister of International Development said: “The establishment of the new climate investment fund is a milestone in Norwegian development aid. It is part of the solution to some of the major challenges we are facing and that are having a particularly severe impact on the world’s poor.

“We know that even if all countries spend 1% of their GNI [gross national income] on aid, it will still not be enough to solve global challenges such as climate change.”