Norway wants to lead on climate change. But first it must face its legacy of oil and gas.
Norway’s ambition to be an international leader on climate change is at odds with its status as one of the world’s largest oil and gas exporters.
In 2019, the country was 15th on the list of the world’s top oil-producing countries, according to provisional data from the International Energy Agency, and ranked eighth in the world for natural gas production, behind Australia but ahead of Saudi Arabia.
The bulk of revenue from Norway’s oil and gas production is kept in a sovereign wealth fund, which was created to keep the money for the Norwegian people and future generations. The fund, which has amassed $1 trillion since its inception in the 1990s, is a source of stability for the nation in times of economic instability, like the coronavirus pandemic.
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