Norway oil fund to step up green investing-paper
OSLO, April 3 (Reuters) - Norway aims to set aside billions of dollars on oil cash to invest in environmental technology or sustainable development projects in emerging markets, a daily newspaper reported.
The finance ministry is scheduled to hold a news conference at 1000 GMT on management of the $300 billion Government Pension Fund -- Global, commonly known as the "oil fund", which invests Norway's oil wealth in foreign stocks and bonds.
"Over the next five years, the pension fund will buy environmental company shares and shares in developing countries for 20 billion crowns ($3.03 billion) -- and at a higher risk than is normally allowed," the daily Aftenposten reported.
A finance ministry spokeswoman declined to comment on the report.
The proposal will come in a new government report on management of the fund, which is one of the world's biggest sovereign wealth funds and Europe's biggest equity investor.
Earmarking some of Norway's oil wealth for investment in companies that develop new environmental technology has long been a goal of some leftist politicians.
But the central bank-managed fund itself has resisted the idea of creating such a separate category of investment, saying it should continue to invest within its existing mandate which is to invest for the best possible returns.
The environmental investment programme will seek to invest in companies engaged, for example, in developing climate-friendly energy, boosting energy efficiency, carbon capture and storage, hydropower, pollution clean-up and waste sorting technologies, the newspaper said.
The government will also propose new fund investing guidelines to include climate and environmental aspects, Aftenposten said.
(Reporting by John Acher; Editing by David Cowell)
