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Norway Boosts Climate Finance to $1.4 Billion, Beating Target

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Norway said it raised 15.5 billion kroner ($1.4 billion) in climate financing in 2022, exceeding a target set at climate talks in Glasgow in 2021.

Private capital tapped by Norfund, a government-controlled investor targeting developing countries, accounted for much of the increase, the Foreign Affairs Ministry said Tuesday. The total raised last year overshot the target Norway set for itself to boost annual spending to 14 billion kroner by the end of 2026.

Back in 2021 during the COP26 talks in Glasgow, wealthy countries committed to raising annual climate financing to $100 billion, renewing a target that they fell short of at the end of last decade.Investments in energy infrastructure in South Africa and India in particular contributed to the Norway’s tally, Norfund Chief Executive Officer Tellef Thorleifsson said in an interview at the Nordic-African Business Summit in Oslo.

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