Norway's skyrocketing oil and gas wealth is expected to climb to new heights this year, igniting an impassioned debate about international justice.
have called on the government to set an example to the world by pumping its fossil fuel revenues into a new international solidarity fund that helps countries meet their climate goals.the state's revenues from oil and gas sales to climb to 1.38 trillion Norwegian krone this year. That's up from a previous record of 1.17 trillion krone last year, and a nearly fivefold increase from 288 billion krone in 2021.
Opposition lawmakers, prominent economists and even titans of Norway's energy industry have called on Prime Minister Jonas Gahr Store's government to set an example to the world by pumping at least some of its fossil fuel revenues into a new international solidarity fund.Michelsen said he was fearful that by choosing to pocket its bumper oil and gas profits, Norway is damaging its international reputation, warning that the country is at risk of being perceived as "very egocentric.
Oil companies are getting richer and richer, but we don't see that money — and who is really paying for this?When asked about accusations that the country is war profiteering, Petersson replied, "No, not really … The indirect effect, we fully acknowledge, is that our revenues have increased, but I do not accept that label."
The Norwegian government's net cash flow from petroleum sales is transferred into Norway's $1.3 trillion sovereign wealth fund. The government can only spend a small part of the fund each year, but this is still estimated to amount to nearly 20% of the government budget. Fiskaa highlighted that legislation in Norway limits the use of oil revenues in the domestic economy to avoid high inflation — and that, she argues, strengthens the case for investing in international solidarity.
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