The fund wants to invest more in renewables. But high prices are slowing its ambitions, according to Harald von Heyden, the fund's head of energy and infrastructure.
Last year, the fund invested around 11 billion euros in renewable infrastructure. This year, the figure has plummeted to just over 2 billion euros, according to von Heyden.
"It's not that we're not trying. We want to invest more, but it depends on several things. It has become a seller's market instead of a buyer's," he says.
The Oil Fund has a mandate to increase the share of renewables in its portfolio to 2 percent of its value. Currently, the share is around 0.5 percent, or 1 percent if commitments are included.
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