The future of energy relies on hydrocarbonsPanelists at The Future of Energy. Source: GCE NODE

The future of energy relies on hydrocarbons

Arendalsuka kicked-off on Monday with a sold-out event concerning “The Future of Energy”.

A panel composed of the Norwegian Minister of Petroleum and Energy, Lundin, Equinor and Aker Solution representatives and other actors touched on subjects such as: How does the geopolitical balance of power influence the Norwegian business sector? What can we expect from new energy sources, such as hydrogen and floating wind? What are the necessary measures for developing Norway as a global player in digitalization?

The conclusion was that oil and gas will continue to play an important role in the future of energy both in Norway and globally, sustaining renewables development until the market need is met, and at the same time reducing emissions when producing hydrocarbons.

Minister Kjell-Børge Freiberg labelled Norway both an ‘oil and gas nation’, but also a ‘renewable nation’, referring to Norway’s 98 per cent renewable energy production, based on hydropower. “We welcome global growth in renewables, but renewables will not meet the increased world demand for energy in the next decades. Norwegian oil and gas will be an important contribution to reduced global emission, as it replaces burning of coal,” says Freiberg.

Kristin Færøvik, Managing Director of Lundin Norway, stressed that Norway’s contribution to the global supply of oil and gas is less than two per cent.

“The world needs every drop of oil and gas produced in Norway. That is a general message from the UN Climate Panel, The International Energy Agency and the former UN General Secretary. From an international viewpoint, Norway should be among the last countries to phase out production of hydrocarbons, as we produce oil and gas with less emissions than most countries,” says Færøvik.

She continued to say that the struggle against climate change is often considered to be the most important of all UN’s 17 Sustainable Development Goals.

“There are, however, several goals that could be considered just as important for the development of a more sustainable future. Education of the world’s women could easily prove to a more effective path to improved global climate, even though that is not a predominant point-of-view in our privileged part of the world,” says Færøvik.