Norway considers minimising its reliance on oil

06/10/2017 14:46 Energy Market

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Norway’s Minister of Climate and Environment, Vidar Helgesen, declared on Thursday that the country will try to find ways to lessen its dependence on oil and gas as fossil fuels are dropping in value continuously due to energy transition.  

 

The country’s government will empower a special commission to examine possibilities for Norway to shift easier from the fossil powered economy into a green one. 


It has been mentioned as well that the commission should come with conclusions in a year.  


According to the minister, the process of transition from fossils to renewables is very rapid. 


In 2016, the government of Norway laid down the goal to reach climate neutrality by 2030 but the applied policies do not have a sufficient effect.  


Gas and oil industry plays a significant role in Norwegian economy accounting for 12 percent of GDP in 2016.


Helgesen also added that Norway’s impressive sovereign wealth fund would ensure a painless energy transition of the country.  

  
Norway could be the major oil and gas producer in Western Europe, but it is also a leader in the adoption of electric vehicles (EVs), market penetration, and sales, due to renewable incentives.
 

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