Norway to study shift from oil to tackle climate risks

Norway will study ways to make its economy greener and reduce dependence on oil and gas reserves that are likely to lose value amid efforts to slow climate change.

A government commission of experts will examine the nation’s green competitiveness and ways to insulate western Europe’s biggest oil and gas exporter from financial risks linked to climate change. “The energy transition to renewables is going faster than anyone thought. And almost any scenario is being out-competed by reality,” Environment Minister Vidar Helgesen said. Oslo has made big strides, for example in battery technology for shipping, including coastal ferries. But it needs to look for new businesses based on emerging technologies, from fisheries to digitalization. Norway is far from its goals under the 2015 Paris climate agreement to cut its greenhouse gas emissions by 40 percent below 1990 levels by 2030. Emissions were 3.3 percent above 1990 levels in 2016.

- Reuters  -
13. 10. 2017