Skip to main content

Norway’s GPFG sovereign fund to invest up to $14bn in unlisted renewables

April 05, 2019

NEW YORK, April 5, 2019 (IEEFA) — Norway’s decision today to allow the Government Pension Fund Global (GPFG) to invest in unlisted renewable energy infrastructure represents a significant step by the world’s largest (US$ 1 trillion) pension fund, according to the Institute for Energy Economics and Financial Analysis (IEEFA).

The policy change will be presented for parliamentary vote in Oslo in June and is expected to be approved.

In an official statement, Norway’s Minister of Finance Siv Jensen emphasized that the approach was based on financial rather than environmental considerations,  “[It] is not a climate policy measure, but part of the investment strategy for the Fund.”

IEEFA finance director Tom Sanzillo released the following statement:

“After a three-year diligence process the Government Pension Fund Global has confirmed that investments in unlisted renewable energy have a sound cash position, healthy exit strategies and a positive outlook. This is a growth industry. Investments by the fund now allow it to take advantage of this growth and to use its resources to develop the market for decades. Moreover, Norway will tighten its coal criteria which will lead to the divestment of large mines and coal-exposed power companies. This is a strong step for the health of the Fund and the planet.”

IEEFA recommended to the Fund in February 2017 that it create an asset class to invest in unlisted infrastructure, including renewable energy, and augmented that research with a subsequent report in August 2017.

Norway’s decision to tighten its criteria for divesting from companies invested in coal mining and coal-fired power generation could lead to divestment from companies such as Glencore Plc, Anglo American Plc, BHP Group Ltd., RWE AG and Uniper SE, and others.

Norway first set up  threshold criteria for the pension fund to divest from coal four years ago and IEEFA’s 2015 report:  Case for Divesting Coal from the Norwegian Government Pension Fund Global, helped lay the groundwork for that decision.

Tom Sanzillo is available for interviews.

Media ContactVivienne Heston, [email protected], +1 (914) 439-8921


The Institute for Energy Economics and Financial Analysis (IEEFA) conducts global research and analyses on financial and economic issues related to energy and the environment. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.


Links to IEEFA reports:

IEEFA Norway: Why the World’s Biggest Sovereign Wealth Fund Should Invest in Global Renewable Energy Infrastructure

IEEFA Report: Renewable Energy Opportunity Now for Norway’s $976 Billion Pension Fund as Global Institutional Capital Migrates Out of Fossil Fuels

Coal Industry Arguably ‘Poorest-Performing Sector’ in Global Economy: New IEEFA Analysis


Join our newsletter

Keep up to date with all the latest from IEEFA