Oslo Energy Forum

Ladies and gentlemen,

It is a great pleasure to be back at the Oslo Energy Forum.

First of all, I would like to thank Jarand Rystad for interesting reflections on the current energy landscape, as we just heard.

A landscape which is changing – geopolitics, economy and an accelerating climate crisis.

A new European Commission and a new U.S administration will likely shape global policies and the course of the energy transition.

Will these changes adjust the pace of the transition?

We have made progress but let me be clear: we are not moving fast enough.

Global emissions remain at record highs.

Market volatility is testing us, as we have seen on the prices on electricity in Norway.

And, despite historic commitments to clean energy, we are still far from achieving the necessary pace of change.

 

Norway is ready to take its part of the responsibility. As Europe’s largest gas supplier, we provide stable and secure energy.

At the same time, we are working to decarbonize our industries and scale up renewable energy.

But we cannot do this alone.

These are challenges transcending national borders – international cooperation is needed – perhaps more now than ever.

Both on the political level – and on the industrial level.

I am pleased to see such a diverse panel of companies following later. Companies leading the way in offshore wind, hydrogen, emission reducing technologies and much more.

I look forward to hearing their reflections.

However, neither they can do this alone.

We need strong collaboration between governments, businesses, and financial institutions to scale solutions and create a well-functioning market for low emission technologies.

This cooperation is nothing new, we have practiced it for decades on the Norwegian Continental Shelf.

From establishing the petroleum activity.

By setting limits to emissions, using tools such as CO2-tax and emission quotas.

It has resulted in what is today an oil and gas industry is among the most carbon-efficient in the world, and the expertise developed there is now being applied to renewables and clean tech.

For almost 30 years we have been storing CO2 under the seabed at the NCS and established a test center for capture technologies at Mongstad.

Later this year, Langskip, Europe’s first comprehensive value chain for CO2 management, will come into operation.

The same companies that built the offshore oil platforms are now pioneering floating wind turbines and hydrogen solutions for tomorrow.

We have awarded offshore wind equal to the consumption of 450 000 households, and soon we will announce floating wind – important for the Norwegian supplier industry.

 

To sum up, all these examples prove the importance of public-private partnership.

And as the energy transition is evolving, so must this partnership.

The government takes responsibility for setting the right and predictable conditions, reducing risks, aligning our ambitions across borders – in the challenging landscape of the energy transition.

And it is up to the business community and investors – to seize the opportunities and create value.

Many energy measures are profitable but are not implemented. Here, we expect more initiatives and investments from the industry.

And finally, the transition will require significant changes in how we live and work. The biggest barrier is social acceptance. People need to feel that the transition is fair and that no one is left behind.

Joining policies and industries is key to ensuring that everyone is part of the journey.

 

Dear friends,

We have a significant task ahead of us, but also enormous possibilities. Three years as Norway’s Minister of Energy has not taken its toll on me. In fact, it’s quite opposite. I am an optimist!

The transition to net zero is not only a necessity—it is an opportunity.

Companies that invest in green solutions today will be the industrial leaders of tomorrow.

Nations that position themselves at the forefront of clean energy technologies will be the economic driving forces of the future.

There is a political role. There is an industrial role. But we have a common path.

Thank you so much for your attention!