Billions to Trillions: A Reality Check

March 2019

The report outlines why the mobilisation potential of blending has been oversold through the Billions to Trillions agenda, by a factor of ten, and how continued blending evangelism will be unhelpful in reaching the Sustainable Development Goals (SDGs).

Why and How the Oil fund should invest in unlisted renewable infrastructure at scale

January 2019

This new Re-Define report, written for ZERO, examines three big issues that are part of the ongoing policy discussions in Norway. The analysis is equally applicable to all other fossil fuel-funded sovereign wealth funds.

First, it makes new contributions to calculating Norway’s large financial exposure to fossil fuels, adding to the analysis by the Skancke commission. Second, it reinforces Re-Define’s earlier analysis and NBIM’s own 2016 conclusions that the Oil Fund should divest all fossil fuel stocks, purely on financial grounds. This report specifically counters the opposition to the divestment by the Thøgersen Committee. Third, it shows that in order to diversify the large overexposure to fossil fuels, NBIM needs to go beyond divestment, and actively invest at least 5% of its portfolio in renewable infrastructure projects where the biggest opportunities lie in emerging economies. The analysis in the report shows why NBIM must be allowed to divest all fossil fuel holdings over 2019, in order to reduce excessive risk. Furthermore, it shows that NBIM needs to go further and recommends that a new subsidiary, NRIM, Norges Bank Rewnewable Investment Management be set up immediately to invest at least 5% of NBIM’s portfolio in renewable energy investments, the only sector that can help diversify the large residual fossil fuel exposure of the Oil Fund. The report shows that NRIM will be modelled on the existing real estate subsidiary and be able to use most of it’s existing protocols. It will only need thin staffing levels of no more than 50 people, and should be able to deliver substantial benefits to the Oil Fund both through reducing risk and delivering long-term stable returns. The biggest opportunities for NRIM will lie in emerging markets.

Perspectives on Financing for Development

April 2018

This report discusses funding the Sustainable Development Goals (SDGs), with a particular focus on tackling excessive levels of indebtedness, fighting tax evasion and capital flight from developing economies, as well as mobilising private capital. It shows why $80 trillion of long-term institutional capital should invest in emerging and developing economies to generate additional returns and diversify risk. It delves into the details of how Development Finance Institutions (DFIs) can help catalyse such investments (including through the use of blending), and how they need to change their business model to best deliver on SDG funding. It makes concrete recommendations for development policy in Norway and beyond. The report was published in collaboration with CIVITA and was funded by the Gates Foundation.

The Promise of Sustainable Investing: The case of the Norwegian Oil fund

August 2017

The Report looks at why sustainable investing makes financial sense for institutional investors such as the Norwegian Sovereign Wealth Fund. It demonstrates the key trends in the industry, and shows how investing sustainably is key for long-term returns. Main ESG principles are discussed, exploring how various institutional investors are incorporating sustainability in their investment strategies.

Infrastructure Investments & Development

April 2016

This paper examines the conclusion by the Norwegian Ministry of Finance not to invest in unlisted infrastructure. It also explores the advantages and disadvantages related to the developmental effects of the SPU increasing its real estate investments, but not investing in infrastructure.

The Statens Pensjonsfond Utland & Tax Havens


Investing for the Future


Stamp Out Poverty Financial Transaction Tax-Myth Busting

March 2012

Funding the New Green Deal – Re-define & GEF

May 2011

What role for the ECB in financial supervision

January 2011

Tackling Climate Change Tools to fund adaptation & mitigation

May 2010

ReDefine FTTs as tools for progressive taxation and improv…


The Currency Transaction Tax

July 2004

What Europe Needs to Do to Tackle triple Crises of Tax, Finance & Climate

April 2010

Financial Transaction Taxes – Tools for Progressive Taxation and Improving Market Behaviour

Feb 2010

Financing for Development Series- Increasing Domestic Resource Mobilization by Tackling Tax Flight


Financing for Development Series- Increasing Domestic Resource Mobilization by Tackling Tax Flight


A very short paper on curbing capital flight, tax avoidance and tax evasion


TAIF – Technology, Adaptation & Insurance Fund S Kapoor Concept note


SDRs & Gold Standard – A Concept Note


Improving and Expanding the European Financial Stability Facility


An Optimal Design for the European Stabilization Mechanism (ESM)


A Commentary on the Newly Signed European Stabilization Mechanism


Re-Define Book The Financial Crisis – Causes and Cures by Sony Kapoor


A Growth Compact for European Union