Revised National Budget: NOK 5 billion for green industry

The initiative proposed in the revised national budget aims to support innovative green industrial projects in the startup and growth phases. The Ministry of Trade, Industry and Fisheries has received more than 80 consultation responses on the initiative. These responses highlight the need for public funding and indicate that a growing share of future climate investments will involve long-term technology development and the creation of capital-intensive physical value chains.

We propose that Innovation Norway administer the scheme, which could offer better terms than those currently available in the private market for the same level of risk. In practice, this would mean loans or financial guarantees with an element of support, subject to substantial private co-financing.

The scheme will drive sustainable value creation in Norway, in line with the objectives of the Norwegian Government's Green Industrial Initiative.

'The Green Industrial Initiative will promote attractive jobs, value creation and prosperity, while helping to reduce emissions. We must reduce vulnerabilities in value chains that are vital to the green transition. These considerations have become increasingly important as Europe's energy and security situation has changed,' says Minister of Trade and Industry Cecilie Myrseth.

We have extensive experience with loan schemes and collaboration with private banks and national and international funding agencies. The 'green industrial development' loan scheme will build on our experience and established practices from similar schemes we already manage.

In the revised national budget, the government also proposes that we should manage a dedicated business initiative in Ukraine.

The Government's proposal for the revised national budget has been submitted to the Norwegian Parliament for approval, with a decision expected in mid-June.