Oil Giant Norway to Double Spending on Renewable Energy
By Timothy B. Hurst
Norway, a major oil and gas exporter, will double its national research fund for renewable energy to 20 billion kroner ($3.4 billion) in next year’s national budget. The announcement was made yesterday by Norway’s Prime Minister Jens Stoltenberg at the first annual Scandinavian Renewable Energy Forum, held near Oslo.
Stoltenberg emphasized that already 60 per cent of Norway’s total energy consumption is based on renewable energy (most of which comes in the farm of large-scale hydroelectric). That is far higher than any other European country, except Iceland. The European average is 8.5 percent.
Over the last three years Stoltenberg’s Government has doubled the funding for investments in renewable energy and efficiency. According to the plan, Norway will double the capital in the Fund for Renewable Energy from 10 billions kroner to 20 billions, over the next year.
While governments throughout the industrialized west are struggling to pay their bills in the current economic crisis, Norway is able to make aggressive cash injections into their renewable energy fund.
Simply put, because the Norwegian government has a healthy revenue surplus from taxes on oil production. You see, only Saudi Arabia and Russia export more oil than Norway; high consumer confidence and strong investment spending in the offshore oil and gas sector contributed to a record high budget surplus in 2008.
The Norway Post
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4 Comments, Comment or Ping
Uncle B
Norway is showing that it is a nation of enlightened, intelligent people by moving away from oil. The Israeli’s, another nation of smart people are moving away from non-renewable fossil fuels, as are the Scots and Irish with tidal, wind, and solar energy development. France is nuclear and may run out of uranium, or places to dispose of spent fuel, soon, but they too have investments in solar energy. Spain is big on solar, Portugal is too. Dubai, an oil rich country, has a whole city running on solar energy. This is not a stylish trend, “renewable” really means endless and free energy. Once this concept is fully understood, the solar rich South Western U.S.A. will be fully developed and cancer causing, benzine molecule bearing oil and its sub-products will fall out of use and humans will enjoy a more cancer free, cleaner world. My ribbon is Pink. What color is yours?
Oct 3rd, 2008
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First I second everything UNCLE B said.
Second, It is very impressive what Norway accomplished BUT one thing still bothers me and it is the fact that internally they use renewable clean energy while externally they export Oil, meaning providing other countries source of pollution.
Oct 3rd, 2008
Martin
Would you rather have us export our renewable, hydroelectric energy (with limited range due to problems with sending high-voltage currency over extreme distances) to scandinavia (which is already nuclear/wind powered) and then use fossil fuels in our own backyard, ultimatelly crapping on our own economy and furthermore crippling our ability to implement renewable energy sources and do research on alternative energy?
That doesnt make a whole lot of sense
Oct 6th, 2008
Ray The Money Man
It is sad that we have lagged behind in the U.S. but we’ll catch up quick. This needs to be the new industrial revolution.
Great Post!
Oct 6th, 2008
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