Norway announces $384.5m clean energy fund to aid in Covid-19 recovery

9 June 2020 (Last Updated June 9th, 2020 11:22)

Last week, Norway announced plans to fund a “green transition package”, investing $384.5m into sustainable power and infrastructure to help the country’s economy and productivity post-Covid-19.

The fund will be used to support a range of initiatives, including investments in hydrogen power and battery storage technology, building offshore wind infrastructure, and renovations to new and existing buildings, as Norway looks to reach the Paris Climate Agreement target of limiting global temperature rise to less than two degrees by 2050. There is also an economic initiative behind Norway’s reform of its energy industry: figures from Statista show that 84% of Norwegian businesses claim to have experienced lower demand for their products and cancellations of their services since the pandemic began, with 85% considering reducing production across their operations.

Read more about Norway’s response to the Covid-19 pandemic here.