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Norway Plans Three-Billion-Dollar Fund For Renewables

by RSS Feed | October 06, 2006

Olso - Norway, the world's third largest oil producer, said Thursday it would create a 20-billion-kroner (3-billion-dollar, 2.4-billion-euro) fund to promote renewable energy. The government's 2007 budget proposal, to be presented on Friday, includes the provision of 10 billion kroner for the fund and a further 10 billion in 2009.

Proceeds from the fund were to be transferred to Enova, a government agency charged with promoting the production and use of environmentally friendly energy sources.

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