Norwegian energy company Statoil announced the launch of a new $200 million investment fund to help drive a strong renewable energy growth strategy. “The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space,” Irene Rummelhoff, Statoil’s vice president in charge of new energy solutions, said in a statement. “Through the new fund, we look forward to investing in attractive and ambitious companies and contribute to shaping the future of energy.” Statoil described the fund as an early effort in complementing its staple oil and gas portfolio with renewable and other low-carbon energy solutions. The initial focus will be on wind and solar power, energy storage, transportation, smart grids and energy efficiency options. Statoil last year joined nine of the world’s largest oil and gas companies in pledging to play a constructive role in reducing the intensity of global greenhouse gas emissions.