The Norwegian Oil Fund should use its unexpected $170 billion from high oil prices to establish a facility to mobilize private capital for the energy transition.
. Other countries may do the same. The expert group is recommending that Norway take a leadership role in assembling a coalition of countries to create a large fund for developing renewable energy in developing countries.
The aforementioned report is not the only one in Norway to recommend a new Norwegian guarantee initiative. An expert group commissioned by the government itself made a similar recommendation in May this year in its report, “.” And from what I understand, there’s ongoing discussions and significant support for this in parts of the Norwegian Government.
When I posed this question to Mr. Helgesen he replied, “It’s both necessary, urgent, and also desirable to do something about this before it’s too late. Just look at the consequences the world is already seeing from the increasing frequency of heat waves and natural disasters. Also, although the size of the guarantees should be huge, the losses and costs to Norway would probably be very small, and insignificant compared to our extraordinary profits.”...
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