Comments on BloombergNEF's Electric Vehicle Outlook 2020

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Thank you for inviting me to this webinar. I am looking forward to the presentation of the Bloomberg's Electric Vehicle Outlook. And the new important perspectives it will give us.

Electrification is an important measure in several sectors to cut emissions, especially here in Norway. Because we have developed substantial renewable resources through our hydropower. This gives us a unique starting point for a electrification across the board.

Our ability to create wealth from our renewables resources has brought us prosperity. In Norway, our industrial revolution was built on renewable hydropower. Today a number of onshore wind power projects are being built as well.

More renewable energy is essential for meeting the goals of the Paris Agreement. Norway has an ambitious climate policy. We have an agreement with the EU where we are going to cut at least 40 per cent of our emissions by 2030.

This winter we increased Norway's target under the Paris agreement. Up to at least 50 per cent - and aiming for a target of 55 per cent emission cuts. In the European Green Deal the European Commission has signalled that they will present a plan for increasing the EU's targets as well.

Energy and climate are closely connected. However, we must recognize that the countries of the world have different starting points.

Norway's energy and climate policies are aimed at utilizing our advantages within renewable resources:

• We provide a framework for profitable production of renewable energy.
• We are developing and expanding the power grid.
• And we are using our renewable resources for new purposes, such as a substitute for fossil energy.

As one of few countries in the world, Norway has a surplus of renewable power. This is expected to continue as long as we ensure that new power resources are built in the years ahead.

Because of our flexible hydropower and the wind power, supported by an efficient grid, our electricity supply is almost 100 percent renewable.

Many wind farms are currently under construction in Norway. In the years to come, more will be built. As in other countries, this is not without controversy.

The government needs to make sure that our renewable resources contribute to sustainable wealth creation.

The government will soon present a white paper on onshore wind power to the parliament. Here we will address the need to provide an improved framework for wind power concessions. Regarding environmental concerns, securing a better local process and ensuring that the lead time from start to finish for such projects are shortened considerably.

Looking back through our history, Norway's renewable resources have been a blessing for development and progress. Looking ahead, they will also put us in the forefront of the global energy transition.

When it comes to electrification of transport we are far ahead of most countries, especially with regards to passenger vehicles.

According to the Electric Vehicle Outlook, 53 per cent of new passenger vehicle sales in Norway in 2019 were electric.

As a member of the Norwegian Parliament, I participated in the efforts leading to the current government goal stating that all new passenger vehicles sold in 2025 must be non-emitting vehicles. I am proud of this ambition – and my role as the minister of petroleum and energy gives me the opportunity to work on the energy side of this ambition.

I am also proud to see how electrification of transport creates new opportunities for our export industries, contributing to energy transition in other countries. One example is the Norwegian company Zaptec, exporting advanced charging systems for electric vehicles.

While pursuing our ambitions for electrification, we must keep in mind the underlying foundation for this transition: a renewable and efficient electricity system and a well-developed and strong grid.

We see the potential for further electrification:

• In the report "Klimakur" – our technical agencies have looked at many new measures for electrification, for instance in the transportation sector and within industry. 
  
  
• We are also looking at the potential for further electrification of the largest industrial plants onshore, as well as further electrification of offshore installations.

 

It is my responsibility to facilitate this development.

We should also keep in mind that not all energy use can or should be electrified. Other solutions, like hydrogen, may also prevail in the future.

The pandemic has hit our economy hard, and we need to get the economy out of this slump – and create new jobs.

The government sees a chance for businesses to create green jobs within a more sustainable future. Therefore the Government has proposed 3.6 billion Norwegian kroner for a green restructuring package.

Thank you for the attention! And I am looking forward to hearing more about your new report.