Take a Cool Guess—The Fun Quiz on Renewable Energy and Environmental Sustainability. Today’s Topic: Norway’s Divestment from Fossil Fuels
Question: Norway (an oil state) is divesting its $1 trillion wealth fund from oil and gas companies. Why?
Answer: Can be found at Clean Energy Answers.
Relevance: It would be nice to believe that this action was based on a concern about the planet’s capacity to support organized human life as the years go by. Having said that, the reason they gave was that they wanted to eliminate the risk associated with a long-term and permanent softening of oil prices as the world phases out fossil fuels in favor of renewable energy and electric transportation. What’s the truth?
Craig,
Although I love the photo, Norway has always been very hypocritical when it comes to oil and energy.
Public announcements are largely for political PR purposes and seldom carried out in practice no matter which political faction forms government.
The whole concept of “phasing out” fossil fuels, is largely imaginary and although looming large in the fertile imagination of the green left, and those politicians seeking to capture votes with idealistic “motherhood and apple pie” slogans, “phasing out fossil fuels”, isn’t really happening on a global scale.
The reason isn’t some sinister plot, but quite simple. The world has an insatiable demand for increasing amounts of cheap energy.
That means energy people want “energy on demand”. Cute propaganda about quaint villagers with some little electric light device powered by clockwork etc, only satisfies the aspirations and delusions of a few idealistic Western eco-pests.
The developing world needs energy on an industrial scale. That amount of energy can only be supplied by fossil or nuclear power.
This reality is very hard to make heard amid the cacophony of Green-left idealists,, endlessly inventing reasons why with enough adapters, a square peg can be made to fit a round hole.
As Germany has discovered, renewable energy is not only inadequate, but very expensive.
That leaves the problem of emissions. However, the problem of environmentally harmful emissions (despite the howls of objections from the green-left congregation of fanatics), are increasingly being rendered non-existent or converted into useful industrial by-products.
It will take a while for the excitement and political momentum of the “crusade” being fought by the Green-Left and renewable energy lobby to dissipate.(look at how hard it is to curtail the environmentally disastrous Ethanol industry).
But it will happen.
Clean technology will rejuvenate the future of fossil fuels, not because of any ‘moral’ righteousness, but simple economics and public demand.
The Norwegian sovereign wealth fund is only partly divesting. Stopping investment in fossil fuel prospecting, whilst retaining some investment in more diversified fossil fuel companies which extract, refine, and retail fossil fuels as well as engaging in other activities such as the chemicals industry, solar, and wind farm development.
Gary,
Once again, thank you for your accurate comment and objective observation.