OSLO, April 3 (Reuters) - Norway aims to set aside billions of dollars on oil cash to invest in environmental technology or sustainable development projects in emerging markets, a daily newspaper reported.

The finance ministry is scheduled to hold a news conference at 1000 GMT on management of the $300 billion Government Pension Fund -- Global, commonly known as the "oil fund", which invests Norway's oil wealth in foreign stocks and bonds.

"Over the next five years, the pension fund will buy environmental company shares and shares in developing countries for 20 billion crowns ($3.03 billion) -- and at a higher risk than is normally allowed," the daily Aftenposten reported.

A finance ministry spokeswoman declined to comment on the report.