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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

Norway To Drill For Oil To Fund Its Green Spending

Posted on 03 August 2016

Norwegian government officials announced Monday they intend to fight global warming by spending money derived from oil and gas drilling on green projects. The country is pouring lucrative subsidies into the electric car market from its oil and gas funded $890 billion sovereign wealth fund, and which they plan to use to become carbon neutral by 2030, ban gasoline-fueled cars and spend billions helping poor countries go green.
Norway has already made about $178,000 off of the country’s oil and gas deposits per Norwegian. “We know there is a paradox,” Vidar Helgesen, Norway’s climate and energy minister, admitted in a press release.”We have been living well from oil and gas. But there is no country in the world that has done more to undermine the oil and gas industry than Norway.”……………………………………….Full Article: Source


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