Traveling to Norway, you’ll be forgiven in thinking its a futuristic eco warriors dreamland. After all, it is the World’s leader in renewable energies. Green technology startups where CEOs tell you to pull up a bean bag are growing at an unprecedented rate. ” Instead” ranked Oslo the third Most talent-competitive City in the World.
Sounds great, but Norway’s economy is anchored with Petroleum, first found in the North Sea 1969 its one of the largest exporters to the World. 19% of GDP relies on oil and with a newly discovered oil field called Jhona Sverdrup, it can further service for the next 50 years.
The paradox is that 98% Of Norway relies on Green electricity. Half of all newly registered cars were teslas; this number will soon rise. Norway’s sovereign wealth fund is sitting at $1.1 trillion (the largest in the World) it said it will sell all its shares in companies that are involved in oil and gas exploration.
How will Norway fair as a post-oil Nation? Oil money is used to fund its extensive welfare system, on which 20% of Norwegians rely on. It also pays 4.3% of its GDP on incapacity benefits, Schools and universities (29%) and free healthcare (9%) all are significant expenses. The irony is that all these green startups were funded by oil, whether directly or indirectly.