Stricter global climate policies could influence Norway’s oil and gas industry and lead to a phase out of oil and gas sooner than previously expected, Oystein Olsen, the Governor of Norway’s central bank Norges Bank, said on Thursday. “We are facing a climate crisis that can only be addressed by engaging in a common global effort,” Olsen said in an address to the Supervisory Council of Norges Bank and invited guests. Demand for fossil fuels is set to decline as consumption patterns shift and production methods move towards lower emissions, the governor of the central bank said. “This can influence oil and gas activities in Norway. We have always known that oil and gas activities will be phased out sooner or later. Oil and gas are non-renewable resources. A stricter global climate policy may mean that this will occur sooner than foreseen earlier,” he noted. Yet, there is still […]