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Spain hopes to attract Norwegian investment to its renewable energy projects

Sovereign wealth fund’s new mandate to ditch fossil fuel assets and spend on clean power opens up opportunities, says minister

Ecological Transition Minister Teresa Ribera.
Ecological Transition Minister Teresa Ribera.

Spanish environmental authorities are hoping that Norway will soon invest in their renewable energy projects.

The aspirations come on the back of the Norwegian parliament’s instructions to Government Pension Fund Global, considered the world’s largest sovereign wealth fund, to divest itself of fossil fuel assets and re-invest in renewable energy.

We are witnessing a very important transformation of the financial system

Teresa Ribera, Ecological Transition Minister

“Let’s trust that our country has the ability to be attractive and offer enough security to bring part of that re-investment to our own territory,” said Teresa Ribera, the minister for Ecological Transition, in statements on Thursday.

Norway’s decision, which could mean up to €17 billion in new investments, has captured the attention of governments around the world with plans to shift their energy systems to clean energy sources.

In early 2019, Spain delivered to Brussels an Integral Plan on Energy and Climate, which forecast that 74% of energy will come from renewable sources by 2030, compared with 38% today. But this will require significant investment and the development of an efficient connection system to attract major international investors.

Ribera noted that Norway’s decision is in line with recent moves by other fund managers, such as BNP Paribas or Amundi, the European leader in asset management.

“We are witnessing a very important transformation of the financial system, and a very important transformation of investment decisions that we hope will come to fruition in an orderly way,” said Ribera.

English version by Susana Urra.

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