OSLO, Nov. 19 (Xinhua) -- Norway has committed up to 740 million U.S. dollars under the Paris Agreement to reduce greenhouse gas emissions and promote green growth in developing countries, the government announced in a press release on Tuesday.
The Norwegian Global Emission Reduction (NOGER) Initiative, unveiled at the current United Nations Climate Change Conference in Baku, will finance renewable energy projects, eliminate fossil fuel subsidies, and attract private investment. Agreements have been signed with Benin, Jordan, Senegal, and Zambia.
Norway's Parliament has already authorized funding for the initiative in the 2024 state budget, with plans to continue the program in 2025. "This effort will help us achieve the Paris Agreement's temperature goals," said Norwegian Prime Minister Jonas Gahr Store.
The NOGER Initiative mandates that emission reduction activities must deliver measurable and independently verified results. Norway will only provide funding for emission cuts verified by a third party.
Complementing the initiative, Norway will establish a new 100-million-dollar fund in partnership with the Global Green Growth Institute to oversee verified emission reductions. Additionally, a 50-million-dollar collaboration with the Asian Development Bank is planned for 2025.
