School solar storage project financing options in Norway 2026

How much does Norway's climate finance cost in 2023?

Norway’s climate finance amounted to NOK 16.5 billion in 2023. This is NOK 2.5 billion more than the target pledged in 2021 to double our climate finance. ‘We need major investments in renewable energy in developing countries, and we need them now.

Does Norfund invest in climate finance?

Investments by Norfund through the Climate Investment Fund accounted for a substantial share of the increase in Norwegian climate finance in 2023. The main purpose of the Climate Investment Fund is to help reduce or avoid greenhouse gas emissions by investing in renewable energy in developing countries.

What is the Norfund investee Sael?

The Norfund investee SAEL is dedicated to providing sustainable and affordable energy solutions by converting agricultural waste into energy and promoting renewable energy projects.

Does Norfund have a Climate Mandate?

In 2022, Norfund was also given a new climate mandate by the government, through managing the Climate Investment Fund. While we continue to invest in renewable energy under our development mandate to enable job creation and combat poverty, the climate mandate is specifically aimed at maximizing avoided emissions.

How does a state guarantee work in Norway?

The sharing of risk with another professional party is a requirement, with the Norwegian state normally taking on a maximum of 50 per cent of the risk. The state guarantees will have Norway’s AAA rating and will thus reduce both risk and the capital cost for the guarantee recipients.

Which countries will Norfund invest in?

The choice of investments will be governed by where Norfund has competence and can make the largest possible difference. We prioritize 8 core countries: South Africa, India, Sri Lanka, Vietnam, the Philippines, Cambodia, Indonesia, and Bangladesh.