Financial results

In 2024, the Climate Investment Fund gained revenues of NOK 66 million, primarily interest income. The operating results ended at NOK 56 million. The Fund has rounded its third year, and by the end of 2024, a total of NOK 5.59 billion have been committed. 

On the cost side, the 2024 numbers are impacted by a positive value change for investments and receivables at year end of NOK 34 million, compared to negative NOK 14 million in 2023. The remaining costs for the climate investment fund are mainly related to management fees based on the fund’s portfolio share of Norfund’s total portfolio. 

The Climate Investment Fund’s equity

The fund’s total balance as of the end of 2024 was NOK 6 billion. The balance increased by NOK 2,056 million from 31.12.2023, of which the earned result added to equity amounted to NOK 56 million. The remaining increase came from this year’s capital contribution from the state budget and allocation from Norfund, both amounting to NOK 1 billion each.  

Internal rate of return (IRR)

In 2024, the Climate Investment Fund (climate mandate) delivered an estimated return measured by Internal Rate of Return (IRR) of 9.3 % in investment currency and 18.2 % in NOK.  

As there are significant annual variations, the return on our investment is better reflected in IRR calculations since inception. Since inception, the portfolio has had an IRR of 14.4 % in investment currency and 19.0 % in NOK. The return figures should be viewed in light of the fact that the fund is relatively new with still few investments and no realizations. 

9.3
%

IRR for 2024 in investment currency (18.2% in NOK)

14.4
%

IRR since inception in investment currency (19% in NOK)

At the end of 2024, the committed portfolio totaled NOK 37.6 billion. 

Financial statements

Income Statement
(Figures in 1000s of NOK)Note20242023
Interest income 255.4840
Dividends received28.3637.682
Realized gains304.872
Other operating income2.0870
Total operating income65.93512.554
Operating expenses
Value changes investments and receivables34.179-14.024
Realised losses 00
Total realized losses and value change34.179-14.024
Payroll expenses-100-15
Management costs4-29.983-16.792
Other operating expenses-13.578-8.859
Total operating expenses -43.661-25.666
Operating results56.454-27.137
Other financial income 3220
Other financial expenses-126-1.364
Net financial items-124-1.345
Profit before tax56.329-28.481
Taxes00
Profit for the year56.329-28.481
Allocations
Transferred to / from surplus fund556.329-28.481
Total allocations56.329-28.481
Balance Sheet
(Figures in 1000s of NOK)Note20242023
ASSETS
Total receivables487259
Investments
Investments in equities and funds62 728 4301 694 299
Loans to investment projects6778 184392 194
Total investments3 506 6132 086 494
Bank deposits2 516 5471 879 927
Total current assets6 023 6473 966 680
Total assets6 023 6473 966 680
EQUITY AND LIABILITIES
Equity
Called and fully paid capital
Primary capital52 250 0001 500 000
Reserve capital750 000500 000
Total called and fully paid capital 3 000 0002 000 000
Retained earnings
Surplus fund53 023 0091 966 680
Total retained earnings3 023 0091 966 680
Total equity6 023 0093 966 680
Liabilities
Other current liabilities6370
Total liabilities6370
Total equity and liabilities6 023 6473 966 680

Note 1

The financial statements for the Climate Investment Fund (KIF) follow the same accounting principles as Norfund’s annual financial statements.

Note 2

Dividends received from Norfund’s investment in H1 Capital South Africa amounts to TNOK 8363. Interest income of NOK 55 484 is primarily related to Norfund’s investment in H1 Kenhardt.

Note 3

In 2024, Norfund has decided to reclassify currency effects on all investments from financial to operating results. The table below shows the figures for 2023 that have been restated in accordance with the changed reclassification. The reclassified amount is shown in the table under the columns “Restated Operating Result 2023” and “Restated Financial Result 2023”

Note 4

The management fee is calculated based on the Climate Investment Fund’s (KIF) portfolio share of Norfund’s total portfolio, and Norfund’s total costs. The portfolio share is based on the historical book value of the investments. The management fee is allocated quarterly, and at the end of 2024, KIF accounted for 10.4% of Norfund’s total investments. For further details, please refer to the discussion in the board’s report under the chapter on organization and efficient operations.

Note 5

Note 6

The Climate Investment Fund (KIF) has the following investments with remaining commitments and book value at the end of 2024. Further information can be found in the Climate Investment Fund’s activity report.