On the fifth day of the climate summit, it was announced that Norway is entering into a collaboration with the World Bank’s Guarantee Agency (MIGA) on guarantees for renewable energy in developing countries.
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The agreement of NOK 500 million was signed by Minister for Development Aid Anne Beathe Tvinnereim (Sp) on Friday afternoon in Glasgow. Norad director Bård Vegar Solhjell was also present.
– This makes it possible for private investors to invest in solar energy, wind power and green energy in the very poorest countries in the world, Tvinnereim tells VG.
– Something Norway has never done before
Tvinnereim says that very little of foreign investment goes to developing countries due to high risk, as these countries do not have good enough institutions. It is also these countries that need investments in renewable energy the most.
In other words, 500 million Norwegian development assistance money will contribute to this.
– One million people do not have access to electricity today. If we only let the market and private investors have to solve this without public funds, it would take a very long time.
– Why is this agreement important for Norway?
– Because we have to solve the climate challenge and the poverty challenge at the same time. If the poor in the world do not get access to clean energy, then they will have to rely on fossil energy, and then we will not be able to meet the climate goals, says Tvinnereim, and continues:
– This is something Norway has never done before. I’m sure it’s the right way to work with climate and development.
also read: Norway received the worst award during the climate summit.
The COP26 climate summit started on Monday in Glasgow and runs until 12 November, and is the 26th in a row under the auspices of the UN.
Wednesday came the news that around 40 percent of the world’s financial markets support the Paris Agreement to limit global warming to 1.5 degrees Celsius.
More than 100 land managers, who together represent 85 percent of the world’s forests, have committed themselves to ending deforestation and land depletion before 2030.
When Støre gave a speech in Glasgow on Tuesday, he promised that the oil fund would be “The leading fund in the world to manage climate risk”.
On the same day, Norway received the dubious honor of receiving the award “today’s fossil” from the Climate Action Network (CAN) on Tuesday. The prize is awarded daily to the countries that “do the most to contribute the least” during the climate negotiations.
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