According to the New Energy Finance, the government of Norway said it will introduce a law to force oil companies to pay 1% of their profits to the country's renewable energy sector.

The secretary general of the coalition government's Socialist Left party, Silje Schei Tveitdal, said that the oil industry must participate in the transition to a low carbon economy. She went on adding that the law will apply to both the state-owned Statoilhydro, as well as foreign companies operating in the country.

Tveitdal also talked about government's plans to increase investments in renewable energy. In that sense, the Finance Ministry already laid out plans to establish an environmental investment program in April, and is also considering a sustainable investment program. Together, these two programs would create a pool of about $3.3 billion to be invested over five years, and we'll have more details about it in mid-October…

[Via: CleanTechBrief]