Norway’s Climate Investment Fund and the country’s biggest pension company, KLP, are set to invest in a 420-megawatt solar power project being developed in Rajasthan, India. According to an announcement from the Norwegian Embassy in India, the Climate Investment Fund is slated to allocate 10 billion Norwegian Krone (approximately $1 billion) to projects over the next five years.
The embassy also described India, which is on track to become the planet’s most populous country next year, as a “priority market.”
Norway appears to be taking a dual approach to energy transition. While it is investing in renewable energy projects, Norway’s oil and gas reserves make it a major exporter of fossil fuels.
“In recent years, Norway has supplied between 20 and 25 per cent of the EU and United Kingdom gas demand,” Norwegian Petroleum says.
Norway sells nearly all of its oil and gas abroad and puts the proceeds toward its $1.2-trillion sovereign wealth fund. It is expected to do the same with renewables. Almost all of its own electricity is generated from hydropower. The country is also a world leader in electric vehicle sales. Nearly half the cars sold there last year were electric.
However, this dichotomy in the country’s energy development sector is expected to continue for a while. On June 11, the Norwegian Government released a whitepaper in which they stated that “Norway is betting on hydrogen and offshore wind for its energy transition but will continue to extract oil and gas until 2050 and beyond.”
Oil and gas powerhouse Norway to invest in Indian solar project, sees country as priority market https://www.cnbc.com/2022/08/25/norway-invests-in-indian-solar-project-sees-it-as-a-priority-market.html
Norway Will Boost Green Energy But Won’t Stop Oil and Gas Development https://jpt.spe.org/norway-will-boost-green-energy-but-wont-stop-oil-and-gas-development