Oil-Rich Norway to Stress Test Its Finances Amid Climate Risk
(Bloomberg) -- Norway, western Europe’s biggest oil and gas producer, plans to stress-test its public finances with different price scenarios to better understand risks related to climate change.
The government’s decision follows recommendations from an expert report last year on climate risk, and comes amid an intensifying public debate in the Nordic nation about the future of the petroleum industry that has made it one of the world’s richest countries.
“The government plans to follow up on the commission’s recommendation to stress-test public finances and national wealth,” it said in its revised 2019 budget published on Tuesday. “Scenarios for oil, gas and CO2 prices will be established, including a scenario reflecting the ambitions in the Paris Agreement.”
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