Norfund to allocate $1.0b to eight nations, including BD

The Climate Investment Fund (CIF), managed by Norfund will allocate nearly US$1.0 billion to eight developing countries including Bangladesh over the five years (2022-27).

The CIF is dedicated to invest in renewable energy and low-carbon technologies in developing countries with significant emissions from coal and other fossil fuel power production.

The investments have already been made in South Africa, India and Sri Lanka. Vietnam, the Philippines, Cambodia, Indonesia, and Bangladesh are now in the priority list.

Among them, Bangladesh will get a prominent position.

However, Norfund has already identified investment opportunities in these eight countries totaling over 8 billion NOK (Norwegian Krone), according to report on its website.

The Norwegian Embassy in Dhaka, in collaboration with Norfund and The Nordic Chamber of Commerce and Industry in Bangladesh (NCCI), hosted a seminar on Monday to introduce the CIF to Bangladesh. The event was held at a city hotel.

The fund is targeted to invest in a wide range of renewable energy projects, including large-scale endeavors like solar power plants and wind farms, as well as smaller opportunities such as rooftop solar installations.

Additionally, the CIF supports enabling technologies with substantial climate impact, such as energy storage and transmission infrastructure. Saber Hossain Chowdhury, special envoy to the Prime Minister for climate change and chair of the Parliamentary Standing Committee on the Ministry of Environment, Forest and Climate Change was the chief guest at the programme.

He said Bangladesh is one of the most climate vulnerable countries in the world and climate change impact is causing the country to lose 2.0 per cent of its gross domestic product.

Bangladesh is not only in need of investments in tackling climate impacts but also required technical assistance in building knowledge and capacity and the Nofund climate investment fund can be a great facilitator, he said.

NCCI President Tahrin Aman stated that "Bangladesh's energy and power sector is in the midst of a profound transition, shifting from traditional fossil fuels to renewable energy sources. "This transition is not merely a change in our energy sources; it is a testament to our determination to build a sustainable and resilient future."

In his opening remarks, Espen Rikter-Svendsen, ambassador of Norway stated "access to capital - so important to develop the renewable energy industry.

Reliable and experienced financial partners are key to facilitate for further developments in renewable power generation."

He has also stressed on removing obstacles and creates a dynamic business climate for renewable energy by improving governance and transparency, well-regulated markets and smart incentives that promote the right kind of investments."

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