Skip to main content

A Curious Case of Boosting Green Energy Without Stopping Fossil Fuel Development

by Manali purohit, Aug 26
2 minutes read

Norway’s Climate Investment Fund and the country’s biggest pension company, KLP, are set to invest in a 420-megawatt solar power project being developed in Rajasthan, India. According to an announcement from the Norwegian Embassy in India, the Climate Investment Fund is slated to allocate 10 billion Norwegian Krone (approximately $1 billion) to projects over the next five years.

windmill under cloudy sky during daytime

The embassy also described India, which is on track to become the planet’s most populous country next year, as a “priority market.”

So what?

Norway appears to be taking a dual approach to energy transition. While it is investing in renewable energy projects, Norway’s oil and gas reserves make it a major exporter of fossil fuels.

“In recent years, Norway has supplied between 20 and 25 per cent of the EU and United Kingdom gas demand,” Norwegian Petroleum says.

Norway sells nearly all of its oil and gas abroad and puts the proceeds toward its $1.2-trillion sovereign wealth fund. It is expected to do the same with renewables. Almost all of its own electricity is generated from hydropower. The country is also a world leader in electric vehicle sales. Nearly half the cars sold there last year were electric.

However, this dichotomy in the country’s energy development sector is expected to continue for a while. On June 11, the Norwegian Government released a whitepaper in which they stated that “Norway is betting on hydrogen and offshore wind for its energy transition but will continue to extract oil and gas until 2050 and beyond.”

Sources

Details

by Manali purohit Spotted 6 signals

Have you spotted a signal of change?

Register to receive the latest from the Futures Centre.
Sign up

  • 0
  • Share

Join discussion

Related signals

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our 'Cookies page'.

>