From this article it could mean there is a lot more to come from Norway as we just witnessed in the last day or so!
"Norway’s new Prime Minister, Erna Solberg of the Conservative Party, who entered into office on 16 October, may at first instance appear less occupied by global issues like climate change than her predecessor Jens Stoltenberg of the Labour party. But on a few critical climate issues she looks like more of a reformer than Mr Stoltenberg, in particular when it comes to what role Norway’s enormous Sovereign Wealth Fund could play in financing the transition to a low-carbon economy.
In the new Government’s programme, the coalition partners made the following statements regarding the $720bn sovereign wealth fund:
A special programme shall be set up in the Fund to invest in sustainable companies and projects in developing countries and emerging markets.
Consider to establish a separate mandate (in the Fund) for investments in renewable energy assets.
Norway’s Sovereign Wealth Fund, officially called the Government Pension Fund Global (GPFG), is the world’s largest sovereign wealth fund . Currently the fund is allowed to invest in listed equities, bonds and real estate. However, if the fund were allowed to expand its portfolio to include direct investments in assets like wind and solar plants and other infrastructure, this could potentially have a very significant impact on the total flow of capital to the renewable energy sector.
A number of organizations and institutions in Norway have for some time been advocating such a reform. Even the Fund’s manager, Norway’s Central Bank, has asked the Ministry of Finance to let it enter into direct infrastructure investments, so far without approval. However, last week an influential and unusual alliance of leading companies and organisations in finance, religion, renewable energy, environment and development, put the question on the top of the Norwegian agenda through a joint initiative. The Norwegian Government Pension Fund Global should start to invest directly in infrastructure for the production and distribution of renewable energy, was their message. Direct investments in renewable energy would be a good move on the basis of both a financial and sustainability perspective, they argue."
Read on....
http://reneweconomy.com.au/2013/battle-for-worlds-largest-wealth-fund-and-what-it-means-for-energy-sector-28584
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