Stopping oil drilling would mean the end of the green shift, Støre tells Financial Times

Jonas Gahr StørePhoto: Torstein Bøe / NTB

Norway’s Prime Minister Jonas Gahr Støre told the Financial Times that an abrupt stop of Norwegian oil activities would destroy the transition to environmentally friendly energy.

In an interview with the British newspaper Financial Times, Støre said that if Norway – the largest supplier of gas to Europe after Russia – were to close down its oil business on the Norwegian shelf over a short time, the whole European continent would struggle to achieve its climate goals.

“If shut down production on the Norwegian shelf from today to tomorrow, I think it would put an end to the industrial transition that is needed to succeed in reaching the zero-emission target,” Støre said.

“We will develop towards a transition, not a stop,” he added.

Støre admitted that it is a paradox that Norway, which is Western Europe’s largest oil producer, also spends significant funds on investments in green technology such as electric cars, carbon capture and storage, and offshore wind power.

A paradox

“It is a paradox, but not a Norwegian paradox, a global paradox that occurs as the world leaves behind several centuries of fossil fuel production.

At the same time, he emphasized that Norway must meet its climate goals and its climate commitments and that this will be important not only for Norway but also for the green shift in Europe, India, and Asia.

Støre also stated that the so-called Oil Fund is a political tool that is run by professional actors who aim to get high returns with acceptable risk.

“The Oil Fund is the property of the Norwegian people, and it is up to the government and the Norwegian parliament (Storting) to set the framework for the fund, which in my view makes the fund a political tool,” Støre stated.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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