The annual Norfund Conference was held on Thursday, May 15th, at Taket Steen & Strøm in Oslo.
We explored the risks and dilemmas we face in investment processes — including what happens when things go wrong. We delved into the compatibility between cutting climate emissions and making profitable investments, and asked whether recycling could be part of the solution. Participants met international experts, the Norfund team, our partners and portfolio companies.
Opening show
Navid Rezvani, Bao Andre Nguyen, and Catherine Michelet’s performance set the tone for the day.
Navigating noise
This session navigated the noise of a rapidly changing international landscape to identify what truly matters for Norfund’s markets — and what is just background noise.
Keynote by Norfund CEO Tellef Thorleifsson
Panel conversation
- Åsmund Aukrust, Minister of International Development
- Runa Alam, Co-Founding Partner and CEO, Development Partners International
- Reyburn Hendricks, CEO, H1 Holdings
Your call part 1
An interactive investment session gave the audience deeper insight into the risks and dilemmas involved in investing in developing countries.
- Naana Winful Fynn, Regional Director West Africa, Norfund
- Ylva Lindeberg, EVP at Norfund
- The audience
Will the market deliver the climate finance needs of emerging economies?
Despite the Climate Investment Fund outperforming expectations on both climate impact and financial returns, private investors remained hesitant — raising the question of whether a state-owned development fund can succeed where markets hold back, by delivering both profitability and meaningful impact.
Status on renewable energy in emerging markets
- Iben Fürst Frimann-Dahl, Principal, Rystad Energy.
Panel conversation
- Yngve Slyngstad, Board Chair, Industry Capital Partners
- Saifuddin Dhorajiwala, Founder and Executive Director at Fourth Partner Energy
- Bjørnar Baugerud, Head of the Climate Investment Fund at Norfund
Panel moderated by Åslaug Haga, Board Director at Norfund
When we fail
Taking risks means sometimes failing — and this session explored what failure has looked like for Norfund, how lessons were drawn from past setbacks, and how these experiences helped shape stronger future investments.
Introduction on different flavours of risk
- Marianne Jønsberg, Head of Business Support at Norfund
Case from Scalable Enterprises investment area
- Donald Kariuki, Investment Manager at Norfund
Case from Renewable Energy investment area
- Birgit Edlefsen, Senior Vice President at Norfund
Can we recycle out of our problems?
This session examined the complex role of recycling in the green transition. While materials like plastic and paper are vital to modern economies, they also drive pollution and deforestation. The discussion explored how recycling can be part of the solution—without becoming a vehicle for greenwashing or sidelining informal workers—and whether improved waste management can create new jobs without displacing the most vulnerable.
- Olawale Adebiyi, CEO at WeCyclers
- Karoline Andaur, CEO at WWF Norway
- Carl Johan Wahlund, Senior Vice President at Norfund
Panel moderated by Vibeke Krohn, Head of TOMRA Textiles
Your call part 2
An interactive investment session gave the audience deeper insight into the risks and dilemmas involved in investing in developing countries.
- Naana Winful Fynn, Regional Director West Africa, Norfund
- Ylva Lindeberg, EVP at Norfund
- The audience