IEA Warns Norway to Speed Reliance on Fossil Fuel Income

Norway must do more to more to prepare for life after oil and gas according to an IEA report focusing on the country out this week.

• "Looking beyond 2025, the level of future investment in Norway's oil fields remains uncertain," the IEA said, adding “Although Norway is confident its oil and gas can compete in a declining market, it should still plan for a scenario in which demand falls faster than expected as a result of many countries setting targets of net zero emissions by 2050.”
• The IEA recommended Norway should jump-start clean technologies such as hydrogen, green shipping, carbon capture and storage and offshore wind, urging the prompt adoption of a regulatory framework for the latter.
• “I commend Norway’s efforts to boost its near-term oil and gas production in response to Russia’s invasion of Ukraine, helping to stabilise global supplies, especially to its European neighbours,” IEA Executive Director Fatih Birol said.
• https://www.iea.org/reports/norway-2022