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Isn't using oil profits to fund a transition to renewable the ideal use for those funds?
by breakyerself 5y ago
Isn't using oil profits to fund a transition to renewable the ideal use for those funds?
- zwieback 5y agoNot the worst use, for sure, but instead of incrementally improving the climate situation Norway is making it worse until suddenly much better, when everything is converted.
- thoughtstheseus 5y agoNo. Norway is taking an existing economic function with huge negative externalities and using its profits to move toward a sustainable future. Profits that otherwise would not be spent in such a manner. They’re far faster and move with more precision on this topic than nearly every other major O&G producing country.
- usrusr 5y agoNorway actively took a bet that long term, oil lying under their shelf might not appreciate in value quite as much as most would expect and opted for faster extraction than others. They might have had a certain hunch that scarcity might not be the only possible end game for oil?