(THIS ARTICLE IS MACHINE TRANSLATED by Google from Norwegian)
[pengebinge] On 16 January, Minister of Finance Kristin Halvorsen will kick off the kick-off conference for the evaluation of the ethical guidelines for the Petroleum Fund. This oil money is not included in the climate accounts. We make a fortune by producing a product that helps to destroy the climate, but because we sell the oil out of the country, we avoid ugly numbers in the green accounting books. This is in a sense logical. It is the countries that buy the oil that must take the emissions into their climate accounts. At the same time, Halvorsen and co should think about where the money that fills the Norwegian money bin comes from. The fund, which has been formally renamed from the Government Petroleum Fund to the Government Pension Fund – Global, is now NOK 2.200 billion.
Despite the cunning name change; this is oil money, money smells, and the norwegian pensions therefore smell bitter from crude oil and greenhouse gas emissions – not so pleasant when you sit there with your grandchildren on your lap. Norway's CO2 emissions do not amount to more than 2 per mille of the world's emissions. But if we take into account the use of Norwegian oil and gas abroad, this amounts to 2,7 percent of the world's CO2 emissions, according to Bellona. Nevertheless, the oil fund cannot be included in the existing climate accounts. Therefore, the fund should be invested strategically to stem the damage.
Norway chooses to pump this oil, rather than leaving it on the seabed. By maintaining the supply of oil, we help keep the price down, so that alternative energy does not approach being competitive. On the other hand, if we left the oil on, it would be more attractive to invest in clean energy research. The Minister of Finance should therefore convert the oil fund into CO2 equivalents and invest similar amounts in the development of alternative energy. These will also be profitable investments in the long term.
Such "theme-based investments" are just one of several opportunities Halvorsen has to invest strategically. The toolbox is full. Another option is "positive filtering", which involves investing in the companies that score above the average on sustainability indices, and thus stimulate the large companies to think about the environment in order to attract investments. In addition, the fund must be invested to stem the damage that climate change is already doing, by investing more in developing countries. This is also where there is the greatest opportunity for a really good return, only an investor dares to think sufficiently long-term, and thus contribute to the stability that provides growth and development. The essay "Make a new bank" by Christoffer R. Klyve in Ny Tid on December 7 is a compulsory syllabus for everyone at Halvorsen's Kickoff Conference.
Kristin Halvorsen, have you forgotten where the money comes from? The money bin is replenished by destroying the planet's climate. This hits the world's poorest hardest, and eventually, future generations. I want to be a green retiree.
