The Future of Energy Seminar

Checked against delivery. 

A good morning to you all.

First, let me thank GCE NODE for hosting us here at Gard, addressing these important issues.

I believe our energy future within our Sustainable Development Goals, can be summed up in a fundamental challenge we all share: providing energy for a growing world population, while simontaneously cutting the greenhouse gas emissions and ensuring further economic growth and new jobs.

This sure won't be easy, but as the NorwegianMinister of Petroleum and Energy, I consider it to be among my most important tasks.

And I choose to focus on the opportunities that comes with this challenge.. The norwegian government are addressing the climate challenge in a way that indeed will create new jobs, values and economic growth in our country.

This is, in many ways, the backdrop for the White Paper I presented before summer: "Energy to Work – long term value creation from Norwegian energy resources".

This is the most important plan for energy and industry in decades, and the next chapter in the story of Norway as an energy nation.

It stakes out the course for how we can use our energy resources to create continued economic growth and new jobs in Norway while also cutting our emmissions.

And I believe that we are in a unique position to capitalise on the vast opportunities our energy resources offer.

Norway is a renewable nation with stable access to renewable power – which has been the very foundation for the establishment of large parts of Norwegian industry.

And with a carbon free power system, our starting point in electrifying industries and transport is quite good.  

However, to continue from this excellent starting point, some issues must be solved, and grid development is being one of the most pressing.

The main challenge ahead is to increase grid capacity in parts of the country where power consumption is increasing rapidly.

At the same time, we must ensure the power system's ability to cover the need when there are many consuming power at the same time.

And not least, what has, is and will always be an important debate: Increased renewable production and grid capacity, weighed up against the consumers costs and environmental considerations.

In the White Paper, we present a strategy for smart and effective electrification, that will contribute to a balanced development of power supply, both in short- and long-term.

Nevertheless, we should focus on the opportunities, and I am certain that electrification will make Norway a greener and better country.

Another important asset in reaching our ambitions for the future is our oil and gas industry – which I believe will play an important role in adapting and contributing to a low emission future.

We all know that the oil and gas industry is a sunset industry, as the resources are fossile and limited – but we also know that there still will be a global demand for these resources for many years to come.

And Norways competitive advantage is producing these resources efficiently and with lower emissions than other countires.

We will facilitate a prospering Norwegian oil and gas industry capable of delivering profitable production with low emissions within the framework of our climate policy in a long-term perspective.

And having this long-term perspective is important also for other reasons.

Because we know that the expertise and technologies in the capital intensive and innovative oil and gas sector is vital for the development of new industries and technologies such as carbon capture and storage, offshore wind and hydrogen.

I know many of you already have entered renewable markets with products based on your know-hows from the oil and gas sector.

And I am sure that we will see this trend increasing in the years to come.

Ladies and gentlemen,

Our energy future is hard to predict.

But what is certain - is that the green transition is happening right now

whether it's new enterprises based on renewable energy, electrification, developing a petroleum sector for the future or the new and exiting prospects rising based on our know-how and energy resources.

This White Paper "Energy to work" is a plan to ensure Norway's position in this future of energy, cutting emissions and maintaining economic activity and growth.

Thank you!