Norway’s fossil fuel bonanza stokes impassioned debate about how best to spend its ‘war profits’
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- 10 Feb 2023
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It has ignited an impassioned debate about international justice, with many questioning whether it is fair for Norway to rake in record oil and gas revenues at the expense of others’ misfortune
Norway’s skyrocketing oil and gas wealth is expected to climb to new heights this year, boosted by higher fossil fuel prices in the wake of Russia’s nearly year-long onslaught in Ukraine.
The ballooning petroleum profits of the Scandinavian country put Oslo in a unique position: As many in Europe are struggling to cope with the region’s worst energy crisis in decades, Norway — already extremely rich — is getting richer still.
It has ignited an impassioned debate about international justice, with many questioning whether it is fair for Norway to rake in record oil and gas revenues at the expense of others’ misfortune.
Opposition lawmakers, prominent economists in the country, and even titans of Norway’s energy industry have called on the government to set an example to the world by pumping its fossil fuel revenues into a new international solidarity fund that helps countries meet their climate goals. Read More…
