Sakarya Gas Field in Turkey

International Public finance

Norway has poured billions of international public finance to the fossil fuel industry, including a controversial gas project in Turkey. At COP28, Prime Minister Støre announced that Norway would end this type of fossil fuel finance.

An analysis by the Nordic Centre for Sustainable Finance found that Norway's export credit agency, Eksfin, provided up towards 10.98 billion NOK of public money to the fossil fuel industry from July 2021 to June 2023. This includes a 3.6 billion NOK financing deal for a massive Turkish offshore gas project which will emit more than 2,5 times of Norway’s domestic emission. 

At COP28, Norway's PM Støre announced that Norway is joining the Clean Energy Transition Partnership (CETP), further boosting the 40-signatory partnership aiming to end international public finance for fossil fuels. Norway now has 12 months to implement its pledge. The Nordic Center for Sustainable Finance and partners will be watching this closely to ensure that they keep their promise. 

Fuelling the fire

November 2023

This analysis finds that Eksfin, the Norwegian export credit agency, provided up towards USD 1 billion to fossil fuels from July 2021 to June 2023.