Norway’s Finance Ministry has reportedly proposed to scale up investment in clean energy as part of its plans to restructure the nation’s $860 billion (£518.8bn) oil fund.

Reports claim the Ministry expects to increase the fund’s environmental technology portfolio to between NOK 30 billion (£3bn) and NOK 50 billion (£5bn) from a previous target of between NOK 20 billion (£2bn) and NOK 30 billion (£3bn).

Finance Minister Siv Jensen has been quoted as saying: “The increased scope we give on green investments will help the fund’s ability to actively manage investments in this area.”

Despite the increase, the announcement was a disappointment to some.

The WWF said the move “falls short of expectations of increased investment in renewables like wind and solar”.

Nina Jensen, CEO of WWF-Norway said: “WWF expected the government to deliver something big on the sovereign wealth fund, particularly in light of its failure to act elsewhere on climate change. The government has raised ambition on the fund through its platform and the Prime Minister’s statements. We and others supported that level of ambition but now we see it was an empty promise.”