The Rising Influence of Rising Affluence

[DewDiligence]

Norway continues aggressive O&G exploration—despite making a big show of fossil-fuel divestitures from its sovereign-wealth fund two years ago:

https://oilprice.com/Energy/Crude-Oil/Why-Norway-Wont-Give-Up-On-Oil-Gas.html

Norway doesn’t have any second thoughts about oil exploration and investment in light of the International Energy Agency’s (IEA) report suggesting that no new fossil fuel exploration would be needed for a net-zero world.

Western Europe’s biggest oil and gas producer is doubling down on oil development and continues to consider oil exploration and production a critical part of its economy and income for the state.

Norway, the country with the highest electric vehicle share of new car sales anywhere in the world, is not giving up on one of its core industries. The oil and gas sector is…the key contributor to the…world’s largest sovereign wealth fund with US$1.3 trillion in assets…

Woke, but not broke.