Norway's Ministry of Finance said the nation will boost investments in renewable energy using its $860 billion oil fund, Reuters reported. As part of its reform of government polices, Norway is focusing on the impacts of climate change on future returns.
"The increased scope we give on green investments will help the fund's ability to actively manage investments in this area," Finance Minister Siv Jensen told reporters.
Norway plans to ramp up investments in renewables from its current level of $3.3 to $5 billion to between $5 to $8.3 billion.
Some environmental protection groups said the investment increase was not enough considering there is $860 billion in the fund.
"It's incredibly disappointing," Samantha Smith, head of the WWF conservation group's global energy and climate initiative, told Reuters. "It's peanuts relative to the overall size of the fund."
As Norway shifts more of its focus on renewable energy, the nation's largest energy producer Statoil (NYSE: STO) recently said it will attempt to curb its carbon dioxide emissions during oil production. Statoil's division in Alberta sets out to meet a 20 percent carbon dioxide reduction target in six years.