Norway's Oil Fund Invests $1.5bn in Brookfield's Energy Transition Fund
Norges Bank Investment Management (NBIM) has made its first investment in an energy transition fund, partnering with Brookfield Asset Management. The move aligns with Norway's commitment to reducing greenhouse gas emissions.
NBIM has committed $1.5bn to Brookfield's Global Transition Fund II, which aims to raise $17bn. This fund will focus on clean energy, industrial decarbonisation, and business transformation projects worldwide. NBIM's global head of energy and infrastructure, Harald von Heyden, sees this fund as a strategic complement to their existing direct investment portfolio.
Brookfield will use its impact measurement framework to ensure NBIM's investment drives decarbonisation. The fund will invest in projects across North and South America, Europe, and Asia Pacific. NBIM has secured a high degree of openness in its agreement with Brookfield, allowing for transparency in tracking progress towards decarbonisation goals. This investment broadens NBIM's exposure to global energy transition projects and initiatives.
NBIM's first investment in an energy transition fund, through Brookfield's Global Transition Fund II, signals Norway's commitment to supporting the global energy transition. With a $1.5bn commitment, NBIM expects to gain exposure to a diverse range of decarbonisation projects worldwide, complementing its existing portfolio.
Read also:
- Reconsidering the Approach to Mountain Height Measurement?
- UK automaker, Jaguar Land Rover, to commit £500 million for electric vehicle manufacturing in Merseyside
- Standard Nuclear & Framatome Join Forces to Boost TRISO Fuel Production by 2027
- IAEA Urges Action as Zaporizhzhia Nuclear Plant's Power Crisis Worsens
