The oil-rich nation of Norway has announced significant financial commitments to support broader global access to energy and the development of a new carbon marketplace.
As part of its “Energy+ Partnership” with the UK, France, Denmark, Switzerland, the Netherlands and South Korea, Norway will invest $300 million a year to further these goals. Poor, developing nations including Bhutan, Ethiopia, Kenya, Liberia, Maldives, Morocco, Nepal, Senegal and Tanzania will receive aid to build new, efficient power plants and increase public access to energy.
The Energy+ Partnership initiative will be launched this June at the Rio+20 summit. The top priority of the conference will be broadening global access to energy. The International Energy Agency (IEA) warns this undertaking may cost $48 billion a year – at a minimum.
Included in the Energy+ agenda are measures to reduce greenhouse gas emissions in developing nations and develop practical ways to establish new carbon markets. Instead of the project-by-project approach established by the U.N.’s Clean Development Mechanism system, many governments are now advocating for the creation of carbon markets across entire sectors. Norway’s investments will go towards furthering these markets in energy.