Norway Should Make Oil Fund Greener – Minister

Norway should earmark some of its $295 billion oil fund for long-term investments in environmental stocks, Environment Minister Erik Solheim said on Thursday.

He said that clearer support for renewable energy and other green technologies by big sovereign wealth funds — Norway alone owns about 1 percent of European equities — could help stabilise the shares and encourage private investors.
“I personally am strongly in favour of such a development,” Solheim told Reuters of suggestions the fund should set aside cash for stocks, such as wind or solar power, that can help solve long-term environmental problems led by global warming.

“More people would look to these funds as a source of stability in the financial markets and a source for long-term investment in the future of humanity, like clean energy,” he said.

Planet Ark