"Oil and gas have been important drivers of Norway's economic growth, but we must invest in renewable energy and new technologies to secure a sustainable future"

Norway’s economic development has been heavily influenced by its oil and gas sector. The exploration and exportation of fossil fuels have generated significant national revenues, contributed to robust job creation, and underpinned a strong welfare state. Through prudent management of these resources, including the establishment of the Government Pension Fund Global, Norway has safeguarded long-term financial stability and become a global model for resource-rich nations. However, dependence on oil and gas brings its own risks, both economically and environmentally. Fluctuations in international energy markets can threaten economic stability, while continued reliance on fossil fuels poses challenges to meeting climate commitments and ensuring environmental responsibility.

Recognizing these issues, the statement underscores the necessity of strategic shifts in national priorities. It points to renewable energy and new technologies as essential areas for future investment. Such investments are not just about diversifying economic output, but also about meeting global and domestic obligations to reduce greenhouse gas emissions and combat climate change. By channeling resources into areas like wind, solar, and hydropower, as well as innovation in green technologies and energy efficiency, Norway can help set an example for sustainable development. These sectors have the potential to create new jobs, foster cutting-edge industries, and maintain Norway's competitive edge in a world gradually turning away from fossil fuels.

Additionally, focusing on sustainability ensures intergenerational equity, safeguarding prosperity and wellbeing for future Norwegians. It is a forward-looking approach that recognizes both the past benefits derived from oil and gas and the current need to transition towards a low-carbon future. Rather than dismissing its fossil fuel heritage, Norway is challenged to proactively shape a sustainable path, balancing economic interests, innovation, and environmental stewardship to secure long-term national welfare and global leadership in sustainability.