Ahead of COP26 in Glasgow, the Norwegian government announced a new target to double its total climate finance, an increase from NOK7.0 billion (US$809 million) in 2020 to NOK14.0 billion (US$1.6 billion). Norway aims to reach the target by 2026 at the latest.
Norway’s funding is aimed at supporting lower-middle-income countries in financing both the reduction of greenhouse gas emissions and strengthening resilience to future climate change. This announcement marks the first time Norway has established a quantifiable target for its consolidated climate financing.
Norway’s climate finance includes funding via the development assistance budget for climate-related actions and investments, mobilization of private capital through Norfund, the Norwegian Investment Fund for low-income countries, and the newly announced climate investment fund.
In 2020, Norwegian climate finance comprised NOK6.6 billion (US$763 million) in public funding and NOK400 million (US$46 million) in mobilized private capital.