How long will norways oil last

However, it is important to keep in mind that this proposal only targets the production-related emissions of Norwegian oil, not the level of oil that is being extracted and exported.

As such, it is in line with the historical separation between climate and oil policymaking, which tends to focus only on emissions happening within Norway and exclude any concern for the climate impact of exported oil and gas. So, bottom line: Can Norway actually be a climate-change leader while this paradox still exists? The Norwegian paradox has worked out fairly well up until the last few years because there has been little focus on the production of fossil fuels, and because Norway is small enough to avoid the scrutiny that some larger nations face.

But this is quickly changing, both in the domestic and international political discussion. The treaty would bring the world together in agreeing to end the use of fossil fuels much like the UN came together to curb the spread of nuclear weapons. This will make it increasingly hard for Norway to hold on to a leadership claim as long as oil production keeps being expanded into new areas. Economic concerns? International climate concerns? Political pressure? Economic concerns are likely to be decisive, which is why much of the national political debate about the future of oil is precisely about the economic side: How risky will it be to bet on new oil extraction in potentially high-cost areas such as the Arctic if climate policy reduces demand and keeps prices low?

The high number of jobs in the sector gives the industry a lot of political leverage — which we saw recently during the pandemic-fueled price drop last year. The oil companies won a huge victory in Parliament, with very favorable tax conditions in order to avoid job losses and reduced investment. This type of political power play might very well become more frequent if the industry continues to decline, and in that situation, international pressure and climate concerns could play a role in counteracting industry lobby power.

Do you think the country will ever face up to its history and the reality of what its oil and gas production has already done to the environment? There is much truth in this. But the environmental side of the story is increasingly challenging the established historical narrative and even our national identity, and we already see that this is a source of tension in the national debate about oil and climate policy. Our mission has never been more vital than it is in this moment: to empower through understanding.

Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Hydrogen, offshore wind seen as future industries Govt will continue licensing rounds for oil, gas Electrification drive requires faster power grid upgrades Norway to go to polls in Sept, oil future key issue. More from Reuters. Sign up for our newsletter Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

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As such, Norway should have a detailed adaptation plan and cooperate with foreign countries and institutions to balance global environmental protection measures and gradually draw down its oil extraction. Since oil and gas exploitation and financial returns create a financial safety net for all Norwegians, the fund has realised that they should be paying some of it back to the world. The fund has urged invested companies to disclose the material impacts of activities, products and services on biodiversity and ecosystems.

They have also urged companies to assess their direct and indirect impacts on the surrounding environment. In , the fund announced investments worth billions of dollars into wind and solar power projects. This historic decision can undoubtedly accelerate the global effort to achieve full-scale renewable energy to combat climate change. In fact, the fund can actually diversify their investment portfolio to secure a greener future profit based on the growth of clean energy companies. In March , the fund announced that they would no longer invest in at least companies that relate to oil and natural gas.

In contrast, the fund is investing in several renewable energy projects that have not been listed on stock markets. Unlisted projects account for more than two thirds of the whole renewable infrastructure market.

In an eminently contradictory decision, the nation even plans to use land-based renewable hydropower to electrify its offshore oil and gas extraction plants. Featured image by: Pixabay. Each Share makes a difference and potentially gets our article in front of many times the number without shares. This targeted Boosting — helps us to reach wider audiences — aiming to convince the unconvinced, to inform the uninformed, to enlighten the dogmatic.