Giro: Norwegian billionaire oil fund to invest in renewable energy

The argument in favor of the decision, according to the Norwegian Ministry of Finance, is "Reducing the vulnerability of our common wealth in the face of a permanent decline in prices". The decision on renewable energy, in addition to an investment strategy, is part of a policy inaugurated in May 2015 and based on ethical motivations.

It is recommended that investments in initial renewable energies reach US $ 14 billion, but the initial cap is over $ 20 billion. According to the badysis of the Ministry of Finance, estimates that the value of the global renewable energy infrastructure market will increase by almost 50%, from $ 2,600 million in 2017 to $ 4,200 billion in 2030, driven mainly by solar and wind energy, which will lead to strong investment growth.

The combined energy proposals benefit from support between the parties. They should therefore be approved by Parlameno and then implemented by the Bank of Norway.

The Scandinavian country's pension fund was established in 1990 to deposit earnings from oil-mining revenues and its badets exceed 900,000 million euros.

It is managed by Norges Bank Investment Management for the Ministry of Finance, which holds the fund on behalf of the population. This ministry determines the fund's investment strategy, following the advice of the bank and its debates in Parliament.

Being a giant global fund that holds on average 1.3% of every publicly traded company in the world, this decision should echo on international markets.

To illustrate this, in May 2015, when Norway spent billions of dollars on coal, a recommendation recommended by experts like the IEEFA think tank, Allianz, valued at $ 2 billion, adopted the same 30% filter six months later and, in December 2017, Axa (worth $ 1 trillion), he adopted it too. As a result, a cascading effect has been observed in the disinvestment of coal.