Norfund’s annual report for 2023 highlights remarkable achievements across its portfolio, underscoring significant contributions to job creation, expanded access to financial services, and enhanced energy access through renewable sources.
In the past year, Norfund-backed initiatives have generated 37,200 new jobs, extended financial services to 11.5 million clients, and provided electricity access to 420,000 households. Moreover, Norfund-supported companies contributed a record NOK 32.7 billion in taxes, while projects funded by the Climate Investment Fund are projected to mitigate 8.5 million tons of CO2 emissions.
Among its strategic investments, Norfund allocated USD 20 million through the Climate Investment Fund to Candisolar, aimed at facilitating solar energy adoption among SMEs in India and South Africa. Sofie Kamsvåg, Investment Manager at Norfund, emphasized the potential of solar energy to meet growing energy demands sustainably in these regions. Candisolar’s innovative financial solutions tailored for SMEs are expected to catalyze the deployment of 200 MW in solar projects, avoiding 493,000 tonnes of CO2 annually—an equivalent to emissions from 250,000 fossil-fueled cars.
Norfund continues to play a pivotal role in fostering sustainable development and economic resilience through strategic investments in renewable energy and impactful enterprises globally.
To read the full report and further insights into Norfund’s initiatives and investment strategies, visit www.norfund.no
