Are there now grounds to start shutting down existing oil fields?
Something like 20% of the government budget comes from oil revenue, and the entire pension system (to my understanding) comes from oil funds.
Something like 20% of the government budget comes from oil revenue, and the entire pension system (to my understanding) comes from oil funds.
It didn't seem particular to the locations. Under this ruling, if the oil gets shipped to India and burned there they would now need to include it in the local impact assessment.
Maybe they just need to resubmit with a new impact assessment? But it does seem like the precedent they are trying to set is to reject all projects based on emissions.
I don't see anything implying that existing projects approved under the old framework would need to be re-assessed and shutdown though. That was my main point.
It is not a given the reasoning used in this decision could be used for oil and gas projects that followed a proper permit process at the time they were granted. There is more reason to believe this case would NOT apply in that situation.
However, the key information here is neither side of that contradiction, but that Norway has found a very large deposit of Phosphorous. Until now, Marocco has the largest reserves (by so much it’s actually daunting, confusing really, how they didn’t end up like the Saudi Arabia of bird poop, which is essential for growing food, so a tad more essential than burning donuts).
Norway seem keen to leverage that the way they leveraged fossil fuels, so I’d expect that fund to grow bigger, faster, and without the discomfort of selling something that could, and most likely will, end up drowning Norwegian towns.
Oh, sure, you want the state to stop doing bad environmental things? Well, ok, as long as you pay for it!
Oil has an impact on their ability to import, and on their ability to meet their own energy requirements.