Climate idea

Norway (Ministry of Foreign Affairs)

Climate idea

Norwegian oil and gas revenue should support the transition to net-zero and not contribute to more CO2 emissions

By selling oil and gas Norway had in 2022 saved 12 400 billion Norwegian crowns (NOK) in a public wealth fund. Although the NOK has presently a low exchange rate to the EUR, the value of the fund was in 2022 more than 1 100 billion EUR, corresponding to six times the EU budget for the same year. The fund is owning almost 1.5 percent of all shares in the world’s listed companies. It is intended to be a pension fund for current and future generations in Norway.
The fund is only investing outside Norway and mostly in equities, fixed income and real estate. Only 0,1 % of all investments are in renewable energy infrastructure.
Ironically enough, to contribute to the transition and reach net-zero by 2050 Norway plans to electrify the oil and gas industry. Another measure is to store large amounts of CO2 under the sea level outside the coast. As regard the wealth fund, it shall be climate neutral in 2050. Presently, only 10% of the companies in the wealth fund’s portfolio have a net-zero target for 2050.
The money in the wealth fund could contribute efficiently to the transition to net-zero. In the critical stage the earth is in, it is a disgrace that an oil and gas fund contributes to even more CO2 emissions. We need action now, not in 2050!
The money in the wealth fund is a great opportunity for Norway to pay back to the earth by investing in companies actively contributing to the transition to net-zero.
One important company category is start-ups with great environmentally important ideas. Such companies are often lacking the necessary means to scale up and market their products and services. (In this connection Norway may have to amend the rule that only up to 2 percent of the wealth fund can be invested in unlisted infrastructure for renewable energy.)
Actively contributing to the transition would presumably give a higher earning and an even richer - and at least safer - world for coming generations of Norwegians. There is no time to waste.
For more information, see The fund | Norges Bank Investment Management (nbim.no) and

https://www.svd.se/a/Q7agGP/norge-tjanar-miljarder-pa-oljan-under-kriget

(the latter only in Swedish)

Do you agree?

29 more agrees trigger contact with the recipient

  • Daniel Waweru

    10 w

    Such actions are encouraging, we should all be transitioning to net-zero

    4
    • Tabitha Kimani

      10 w

      These are the transition actions that should be embraced everywhere.

      11
      • Munene Mugambi

        10 w

        Indeed proceeds of oil and gas should go to investing in clean energy

        11
        Welcome, let's solve the climate crisis together
        Post youtube preview with preloading
        youtube overlay

        Write or agree to climate reviews to make businesses and world leaders act. It’s easy and it works.

        Write a climate review

        Voice your opinion on how businesses and organizations impact the climate.

        Open for Climate Dialogue™

        Certified accounts actively looking for your opinion on their climate impact.

        126.4k trees planted

        One tree is planted for every climate review written to an organization that is Open for Climate Dialogue™.

        Download the app

        We plant a tree for every new user.

        AppleAndroid