On the front line for a sustainable future

On the front line for a sustainable future

When oil and gas were discovered in the North Sea in the late sixties, Norway grew wealthier than anyone could have ever imagined. Today, the country is using that wealth to build a more sustainable society.

FROM RAGS TO RICHES

Although it’s easy to forget, Norway hasn’t always been this wealthy. In 1969 Norway struck gold when they found a greater fortune than fish in the ocean. Oil was discovered in the North Sea, setting Norway on the path of becoming one of the richest countries in Europe. Since then, the nation has used its fortune to build one of the most extensive social welfare systems in the world.

BREAKING THE BANK

Deciding to further invest its fortune for future generations, Norway established the Norwegian oil fund and in 1996 the first capital was transferred to the fund. With the fund investing in thousands of companies around the world, the wealth of Norway has kept on growing, and for the first time in history the Norwegian oil fund recently hit 1 trillion dollars.

GREEN IS THE NEW BLACK

Hiding behind the black gold, however, was not only the fact that oil and gas are non-renewable resources, but also the recognition of climate change being the greatest threat to our planet and our future generations.

Although Norway is still an important supplier of oil and gas, the nation is now also a world leader in sustainable energy. Norway’s electricity generation is 97% renewable, and by 2020, the government aims to reduce emission of greenhouse gases by 30 percent (Source: Innovasjon Norge). In addition to this, both onshore and offshore wind farms and solar energy are important renewable energy sources in Norway.

IN THE DRIVER’S SEAT FOR SUSTAINABILITY

Norway is also leading the way in recharging the car industry, literally. With over a third of all new cars sold in Norway being either fully electric or plug-in hybrid, it’s not unusual to spot a Tesla on Norwegian roads. Considering electrical vehicles are allowed in bus lanes and escape most tolls, it’s no surprise that electric cars have a 30% market share in Norway, the largest in the world. (Source: Forbes).

THE GREEN CAPITAL

This year, Oslo was selected to be the European Green Capital 2019, making the city an important role model for other cities around the world. The Norwegian capital is an eco-friendly city working for green innovation, creation of green jobs and aims high with its goals for the future. By 2020 the city plans to have cut down CO2 emissions by 50%, followed by the plans of becoming carbon neutral by 2050 (Source: Visit Oslo).

The economy is everything

In a world that’s constantly changing, it’s difficult to predict the future. What we do know is how the economy is related to everything. Whether it’s reducing poverty, solving climate change or developing innovative products and services, the economy plays a central role. By building your knowledge of how the economy works and learning first-hand from Norway’s approach, you can be on the frontline for a sustainable future.

Stand out. Go North.

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