Norway's 'Norsk Klimarisikoutvalg' Assesses Climate Risks Amidst Oil and Gas Expansion
Norway, a major player in the global oil and gas market, has established the 'Norsk Klimarisikoutvalg' to assess climate risks and energy consumption's impact on its valuable resources. Despite increasing investments and expansion plans, experts warn of significant emissions growth. Norway's reliance on oil and gas is evident, with fossil fuel sales equalling its entire economy combined.
In 2016, Norway pumped over 1.6 million barrels of oil daily and extracted 123,200 million cubic meters of natural gas. It supplies a quarter of Europe's gas needs. The country's petroleum reserves are substantial, with approximately 47 billion untapped barrels of oil and gas. Norway's economy heavily depends on these exports, making it the seventh largest emissions emitter when all emissions from its petroleum sales are considered.
However, Norway's plans for continued drilling until at least 2060 have raised concerns. Experts argue that the proposed expansion and exploration would generate 150% more emissions than current operations. Despite these warnings, investments in Norway's oil and gas sector are projected to rise in 2018 and beyond.
The 'Norsk Klimarisikoutvalg' aims to provide recommendations on mitigating these risks. Norway's significant role in the global energy market and its reliance on oil and gas exports necessitate careful consideration of these findings. The balance between energy security, economic stability, and environmental responsibility will be crucial in shaping Norway's energy future.
