Norway’s Catastrophic Oil & Gas Dilemma
<p>Norway just gave the green light to tens of billions of dollars worth of new oil and gas fields. This flies in the face of their desperate attempts to curtail international fossil fuel expansion at COP27. At face value, this move seems hypocritical, morally wrong and massively anti-climate action. But things are a lot more complex than that. You see, this new gas supply has the potential to help the EU fend off Russia and give the EU the headwind it needs to entirely switch to renewables. So, why did Norway greenlight this expansion? Is it a step in the wrong direction? Or has Norway just saved Europe?</p>
<p>Let’s start at the beginning. About a week ago, Norway’s government announced that it had approved the development of 19 new oil and gas fields, with investment in this expansion exceeding $18.5 billion! This expansion started back in 2020 when Norway’s oil and gas industry was experiencing a slump, so they gave out tax cuts that incentivised growing the industry. Around 19 companies applied to develop yet untapped oil and gas fields (also known as unabated fossil fuels), and it has taken three years for these applications to be submitted, processed and accepted.</p>
<p><a href="https://medium.com/predict/norways-catastrophic-oil-gas-dilemma-6de682de7084"><strong>Read More</strong></a></p>