OSLO – Norway is setting up a 20 billion Norwegian crowns ($3.24 billion) fund to promote renewable energy such as wind and hydropower while spurring energy savings, the government said on Monday.
It said the cash would help Norway achieve a goal of raising available power by 30 terawatt hours (TWh) by 2016, compared with 2001, from renewable energy sources and by greater efficiency. Its previous goal was a saving of 12 TWh by 2010 versus 2001.
Norway’s total power output, mostly from hydropower, is about 120 TWh a year.
"Bioenergy, windpower, hydropower, and energy efficiency will contribute to new possibilities, new jobs and new optimism over the whole country," Oil and Energy Minister Odd Roger Enoksen said in a statement.