Printed by Oil Change Worldwide
Norway claims to be one of many local weather leaders of the world, and was one of many first international locations to ratify the Paris Settlement. On the identical time, the nation has led an aggressive coverage of increasing its oil and fuel industries, and has ramped up its exploration licensing exponentially over the previous 10 years.
On this briefing, we reveal that over the past ten years (2012-2022), the Norwegian authorities awarded as many exploration licenses (700) as within the interval from 1965-2012, making Norway Europe’s most aggressive explorer. Moreover, the oil and fuel inside fields which can be already licensed, however not but developed, may result in a further 3 billion tons of CO2 emissions. That is 60 occasions Norway’s annual home emissions.
Furthermore, oil main Equinor is planning to hunt approval for the event of the Wisting oil discipline within the Barents Sea in 2022. By dimension of reserves, Wisting may turn into the biggest single Norwegian oil asset accepted by the federal government this decade, whose local weather impression might be 3 times higher than that of the now-paused Cambo oil discipline proposed within the U.Okay. If accepted, the Wisting oil discipline can be the northernmost oil growth not solely in Norway, but in addition on the earth, located in an Arctic space with a weak ecosystem.
If the present Norwegian authorities needs to be taken significantly on local weather points, it should evaluation the nation’s oil and fuel insurance policies and align them with the targets of the Paris Settlement and with the rules of world fairness. This briefing recommends the Labour-led authorities ought to halt the Awards in Predefined Areas (APA) licensing system and reject Equinor’s bid to develop the Wisting oil discipline.
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