Norway’s $300-billion sovereign wealth fund looks set to invest 20 billion kroner ($3 billion) in green-energy equity worldwide in a move aimed at being a “responsible investor”, the country’s Ministry of Finance indicated Friday.

Called the Government Pension Fund — Global, the petro-dollar fund has been readying billions for the move since 2008, when the Norges Bank Investment Management said it would soon be overseeing 20 billion kroner in real estate holdings.

Finance Minister Kristin Halvorsen will recommend the increased spending on renewable sources of energy and energy-saving companies in the oil-rich country’s 2010 budget this fall.

The finance minister said 50 percent of energy shares could soon constitute investments in companies and projects focused on "green tech". In recent months, the Norwegian government has earmarked tens of millions of dollars to build research centres for renewable energy, and its arm’s length corporate entities have received fresh inlays of funding.

The “oil fund” has stakes in 7,000 companies worldwide, and the number is growing. But the new investments will now likely be scrutinized along with company records on human rights and health. Halvorsen also hinted the fund’s green holdings might be stripped from the national budget into a new fund.

The shift to green energy spelled bad news for other sectors. Tobacco companies, for instance, can expect to see a sale of Norwegian share capital.

In 2008, the fund made a splash in investor circles when it became known management had scrutinized 500 companies for signs of “unethical practices”.