The Norwegian government is setting up a climate investment fund of NOK 10 billion that will invest in renewable energy, such as solar and wind, in developing and emerging economies such as Vietnam, Indonesia, and India, the Norwegian Embassy in Vietnam reports.
The fund will help the countries with great energy needs to sustain their economic growth and to assist in their green energy transition from coal to renewables. An important aim of the fund is to reduce greenhouse gas emissions from coal-fired power plants and contribute to climate financing, an important part of the Paris Agreement.
According to Ambassador Grete Løchen “, this is a great and timely initiative. Some 30% of global greenhouse gas emissions come from coal-fired power plants. These power plants also contribute to severe air pollution putting people’s health at risk. Post-pandemic green recovery and build back better become indispensable. I’m very pleased that a country like Vietnam will be able to benefit from this Fund in its green energy transition”.
Speaking about the new climate fund, Prime Minister Erna Solberg said, “The climate investment fund is an essential part of Norway’s contribution to achieving the goals set out in the Paris Agreement and the SDGs.”
According to Minister of International Development Dag-Inge Ulstein, “The new fund is a win-win initiative that will support climate action and at the same time increase access to renewable energy in countries that need sustainable energy solutions.”