Norway Government Announces Climate Fund
The Norwegian government has announced funding for the world’s developing countries to combat the effects of climate change. Bangladesh will also receive an allocation of ten billion Norwegian kroner from that fund.
The main goal of the Climate Investment Fund (CIF) is to ensure global energy supply by prioritizing renewable energy.
The Climate Investment Fund (CIF) in Bangladesh was announced at the Norwegian Embassy in Dhaka on November 6, 2023.
Norfund and The Nordic Chamber of Commerce and Industry in Bangladesh (NCCI) organized a seminar on the occasion. The seminar highlighted Norway’s commitment to support Bangladesh’s transition to renewable energy.
Until the year 2027, CIF will allocate that 10 billion Norwegian kroner. It aims to significantly reduce carbon emissions from coal and other fossil fuels by investing in renewable energy and low-carbon technologies.
Bangladesh is one of the countries selected for this fund. The fund will support renewable energy generation through large-scale projects like solar power plants and wind farms as well as smaller projects like rooftop solar installations.
CIF will also invest in sustainable technologies with climate impact, such as energy storage and transmission infrastructure.
Saber Hossain Chowdhury, President of the Parliamentary Standing Committee on the Ministry of Environment, Forest and Climate Change, Bangladesh, said,
“The government of Bangladesh is one of the climate-vulnerable countries in the world and 2 percent of the total domestic production is being affected by the impact of climate change.
Bangladesh not only needs investment to address the impacts of climate change, but also technical assistance to build knowledge and capacity.”
“Norfund’s Climate Investment Fund can be a big help in this regard,” he hopped. Norwegian Ambassador Espen Richter-Sevendsen, and NCCI President Tahreen Aman among others spoke on the occasion.