Clean Energy Transition Partnership - COP 28

Dear all,

Norway has chosen to join the Clean Energy Transition Partnership.

We need a global effort to ensure that all financial flows, both public and private, are consistent with a pathway to a low emission, climate resilient world – as stated in the Paris Agreements long term goal.

Achieving the transition and mobilizing the resources to do so is in all countries’ interests given the urgency and necessary ambition of climate action.

Access to affordable clean and renewable energy is at the heart of a shared climate and development agenda. We must ensure that the global energy transition includes all.

Norway will prioritize our public climate finance to lower the cost of capital and mobilize private investments, and we will align our international public support towards the clean energy transition.

Our development finance is already aligned. Going forward we will continue to be relevant in the net zero-emissions society. We will continue to take an active role in transferring knowledge internationally from the petroleum industry to the new renewables and low carbon technologies industries. 

Several Norwegian companies, traditionally based in the petroleum sector, have over the last years become active in the renewables sector in offshore wind, but also in CCS and hydrogen. This is in line with my government’s priorities.

Such transfer of technology and know-how is in my mind one of the keys to reach the ambitious targets for the green transition.

We are strengthening the guidelines for our official export credit agency Eksfin when it comes to financing the green transition. Going forward Eksfin will only be able to provide financing for oil and gas projects that are in line with the Paris Agreement and the 1.5-degree target.

For Eksfin this entails that all projects over 10 million dollars must undergo a full-scale test to assess if the project is in line with the country’s commitments under the Paris Agreement. Eksfin’s portfolio of investments has already significantly increased its share of investments in industries such as offshore wind and solar energy.

Moving forward, Norwegian embassies, together with energy organizations like NORWEP, will facilitate activities with the industry in partner countries focusing also on renewable energy and low-emission technologies in the oil- and gas sector.

I look forward to taking part in today’s event and further explore the role that public finance can play in accelerating the global energy transition.

I wish you a successful event!