Norway Says All Cars in the Country Will Be 100% Electric

• Norway has been incentivizing the use of zero emission vehicles since the 1990s.
• Towards the end of 2016, the country already had 100,000 zero-emission cars on the road.

100 PERCENT ELECTRIC

By 2025, all of the cars on Norway’s roads could be electric. That’s just eight years away—and if the target seems a little ambitious, it should be noted that the country is already well on its way toward this goal. Electric vehicle (EV) sales already comprise 37 percent of Norway’s car market.

Legal Update on the Renewable Energy Sector in Norway

Recent developments in the Norwegian renewable energy (RE) market

The Norwegian power industry is rapidly changing as the market transits from a reliance on fossil fuel to renewable energy projects. Although energy prices currently are low compared to earlier years, there is heavy demand from foreign investors wanting to participate in projects located in Norway. Only this year we have seen several wind deals in the Norwegian market; Raskiftet (112 MW), Tellenes (200 MW), Fosen (1,000 MW), Hamnefjell (120 MW), Egersund (110 MW) and Svåheia (25 MW), all with foreign lead investors; Stadtwerke München, BlackRock, Credit Suisse, Ardian, Luxcara and Esmann Energy respectively. With Europe's best wind conditions, a well-functioning marketplace and industrial off-takers, we expect continuing high deal flow on wind farms in 2016 and 2017.

Norway Allocates USD 5.7M Grant to Study Three New Power Projects in Asia

Parts of the grant would be used to improve energy efficiency and to encourage renewable energy use 

The Norwegian government allocated USD 5.7M for the country to conduct pre-feasibility studies of three new hydropower projects, improve energy efficiency and encourage renewable energy use, recently.

The grant will be used to conduct studies on how best to develop hydropower projects of 104MW Zhongarchhu in Mongar, 153MW Dagachhu-II and 2,800MW Manas, the priority projects under the 11th Plan.

Norway to usher in law diverting oil profits to renewables

The Norwegian government plans to introduce a law in the next parliamentary term forcing oil companies to pay 1% of profits to the country's renewable energy sector.

The purpose is to make oil companies increase their investments in renewable energy, said Silje Schei Tveitdal.

"The oil industry must participate in the transition to a low carbon economy," she said, adding that the state-owned Statoilhydro will have to oblige as well as other companies operating in Norway. This is despite the oil and gas firm's existing significant involvement in the renewable sector, especially offshore wind. The exact provisions of the law are yet to be decided on, but hopes are for it to take effect as soon as possible into the next term.

Plans are also afoot to increase the share invested by the country's state renewable energy fund and a sustainable investment programme aimed at emerging markets, estimated at 20 billion Norwegian Kroner ($3.3 billion) to be invested over a five-year period.

Source: http://bit.ly/ZhUgY