Financial results

In 2023, the Climate Investment Fund delivered an estimated return (IRR) of 21.9 per cent in investment currency and 17.8 per cent in NOK. Since inception, the portfolio has had an average return (IRR) of 24.4% measured in investment currency and 20.4% measured in NOK.

The Climate Investment Fund ended the year with an operating income of NOK 7,6 million and a negative result after tax of NOK 28,5 million. In this early phase of the fund, investment and management costs are exceeding the income. The investments made so far have performed broadly as expected, and income from interests and dividends are expected to increase significantly.

The Fund has rounded its second year and by the end of 2023, a total of NOK 2.086 million have been invested, while the total equity is at NOK 3.966 million NOK, after the planned capital increase by NOK 2 billion during the year. 

The return figures must be seen in light of the fact that the fund is relatively new with still few investments and no exits. At the end of 2023, the committed portfolio totaled NOK 3.8 billion.

Financial statements

Note 1

The current accounts for the Climate Investment Fund (CIM) follow the same principles as Norfund’s annual accounts.

Note 2

Dividends have been received from our investment in H1 Capital in South Africa of NOK 7,682 thousand.

Note 3

The management fee is calculated based on the Climate Investment Fund’s portfolio share of Norfund’s total

portfolio and Norfund’s total costs. The portfolio share is based on the recorded historical cost of the investments. The management fee is allocated quarterly and at the end of 2023 CIM accounted for 7.3% of Norfund’s total investments.

We also refer to the mention in the board’s report under the chapter organization and efficient operation.

Note 4

The Climate Investment Fund has the following investments at the end of 2023. Further information can be found in the Climate Investment Fund’s business report.

Note 5