Address by the Prime Minister on “Sustainable development and energy transition”

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Mr. President, colleagues,

President Lula, thank you for the Presidency’s priority given to climate and energy transition.  

G20 needs to raise ambitions and lead by example on these issues. To keep 1.5-degree within reach, we need to fast-track the energy transition.

We are making progress, but not fast enough.

As Prime Minister of a large energy producing country, I know first-hand that the transition away from fossil fuels will be challenging – but at the same time, with so many opportunities – for climate, nature and environment, cutting emissions, creating jobs – as highlighted by my friend, PM Trudeau.  

We need to:

• Ensure energy security,
• make energy affordable,
• facilitate economic growth,
• and create jobs.

All while safeguarding the environment. And appreciating that at present, people all say that cost of living is a key concern.

We know much of what is needed; we need good incentive structures, including:

• Carbon pricing,
• support to innovation and technology development (by the way, WTO agrees on standards of this kind of support),
• a regulatory system that is fit for purpose,
• and a competent and motivated workforce.

These fundamentals are in place in my country.

85% of Norway’s emissions are covered by a carbon price.

Nearly 100% of our electricity is renewable.

And 95% of new cars sold this September were electric vehicles.

We are pushing forward with the energy transition.

We are developing technologies for mitigation, including carbon capture and storage, offshore wind and hydrogen.

In short: We will do what it takes to meet our climate goals.

We will remain a stable supplier of energy to Europe and the world.

And we will look for every opportunity to support efforts to move forward on the global level.

Colleagues,

Let me mention 3 efforts:

• First, support to forest preservation. 5 billion dollars over 17 years.
• Second, share insights and tech on carbon capture and storage, key capacity on Norwegian continental shelf.
• Third, support access to sustainable energy.

Growing energy disparities are deeply worrisome.

Emissions are growing in emerging economies.

Yet energy poverty is still widespread.

Africa receives less than 2% of global energy investments, while hundreds of million women, men and children have no access to electricity.

We need to turn this around.

I welcome the announcement by the EU and Ursula von der Leyen of another key initiative on investment in Africa.

Let me therefore underline our strong endorsement of Mission 300 – the World Bank and African Development Bank-led initiative to provide electricity to 300 million people in Africa by 2030.

This is the kind of ambition we need, and I commend the two bank presidents – present here today – for their leadership.

Norway will support your efforts to deliver.

Because, we know from our own history, that energy is a critical enabler of development.

We welcome the launch this afternoon of the Global Clean Power Alliance (GCPA) Finance Mission, and its emphasis on creating an enabling environment that unlocks private investments in renewables at speed and scale.

This is a critical piece of the puzzle if we are to deliver on the agreement reached in Dubai last December.

Because, in order to transition away from fossil fuels, we need to transition to renewables – and that requires new generation capacity, grids, storage and solutions for productive use.

The good news is: Not only do we have the technology, it will also be hugely beneficial for us all, if we together can overcome the hurdles, and make the renewable energy revolution truly global.

On Oceans: After Canada, Norway has the longest coast line. We look to Nice.

We emphasize the importance of getting real commitments on plastics. As Macron said: core of the issue is to limit production.

Colleagues,

In closing, let me congratulate Brazil for their excellent G20 Presidency, and express our confidence in the incoming South African Presidency. We welcome this first African presidency of the G20. It represents an important milestone, and you can count on our support.

And President Lula, COP30 will be a real opportunity to see the critical links between climate, biodiversity and nature.

Thank you!