The opposition Labor Party, the biggest group in Norway’s parliament, dropped a bombshell this week. Its leader, Jonas Gahr Store, wants the USD 1trn vehicle to take on a more political role. He says that would allow Norway, through the fund, to do more to promote sustainable energy production. More specifically, the fund could significantly step up its green investment, he said.

“Climate change will frame all politics,” Store told the state broadcaster NRK on Thursday. The wealth fund should be “the first in line to develop the opportunities offered by renewable energy -- also for profits,” he said. That includes possibly raising a 2 percent cap on investments in renewable energy infrastructure, he said. Labor has shown an increasing willingness to shape the fund’s mandate during its years in opposition under Store.