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Norway will spend $1.2 billion to support renewable energy projects in developing countries
Jul 13 , 2021

Norway (Norway), the name of the country is the original "road to the north" means. Norway is located in the northernmost part of Europe. Generally speaking, the lighting conditions in Norway are not so good that the FIT subsidy system was introduced around 2016.

The Norwegian government indicated that it would allocate 10 billion kronor (US$ 1.16 billion) for renewable energy investment in developing countries within five years to reduce greenhouse gas emissions, and urged private investors to cooperate with it.


The climate fund managed by Norfund, a Norwegian investment fund, will support projects to reduce dependence on fossil fuels, especially coal, from next year. In the end, the government said, it can raise about 100 billion kronor of investment through partnership with private capital, which is an important part of Norway's contribution to the realization of the United Nations climate change agreement and sustainable development goals.


"In order to successfully reduce greenhouse gas emissions, especially in Asia, we need to mobilize more commercial capital," Prime Minister Erna Solberg said in a statement. "We will urge investors to cooperate with the climate investment fund after it starts and runs."


A spokesman for the Norwegian Ministry of Foreign Affairs said that as part of its development aid budget, Norway spends 6.3 billion kronor annually on climate finance. Industrialized countries, such as Norway, whose huge wealth comes from the sale of oil and natural gas, are responsible for most of the excessive greenhouse gases accumulated in the atmosphere, while many underdeveloped countries are the first to be affected by climate change.


It is hoped that more countries and regions around the world will use photovoltaic energy to make the world less polluted and get more energy.Kinsend provide ground mount solar racking, solar panel ground mounting systems,  solar panel roof rack mount and with the high quality components of solar energy.



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