The Oil Fund should become a world leader in climate risk and Norway a world leader in the green marine industry, Prime Minister Jonas Gahr Støre (AP) stated in his speech at the COP26 summit.
“This is existential. It’s urgent. And it is possible – if we increase our commitments together,” Støre said when he spoke to the global community on Tuesday afternoon at the COP26 climate summit in Glasgow.
He pointed out that the new Norwegian government has tightened its climate goals in the Hurdal platform and promises to cut emissions by 55% by 2030, compared to 1990 levels.
He said that Norway came to Glasgow with one overall goal in mind: to help keep the 1.5-degree goal alive.
Norwegian climate policy
At the same time, he outlined three focus areas for Norwegian climate policy.
The first is the promise to double climate support to developing countries to NOK 14 billion by 2026, as the government has already announced.
“We will support investments that can help phase out coal and other fossil sources of energy. We will start a new climate investment initiative that will support renewable energy in developing countries,” Støre said.
The Oil Fund
Furthermore, Støre promised that the financial sector would also play a role in the climate fight.
“The Oil Fund is the world’s largest state-owned fund, and it invests worldwide. Our goal is to make it the leading fund in responsible investments and in managing climate risk,” Støre said in his speech.
He emphasized that climate risk is a financial risk and must be treated accordingly.
The third area that was highlighted is the transition to renewable, circular, and sustainable solutions.
“We aim to develop and export new technology that can also be useful outside our borders,” Støre said.
He emphasized an active industrial policy to help new technology prosper.
“Norway is in a position to take a leading role in developing offshore solutions such as offshore wind, green shipping, CO2 capture and storage, hydrogen and electric boats,” he said in the speech.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews
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