Oil

A rapid shut down of Norwegian gas and oil extraction is necessary to be in line with the Paris agreement. The loss of GDP may only be 1% in 2050 compared to business as usual.

The major factor driving the market is the increasing development of new oilfields in the country over the forecast period 2021–2025.

Five Years Lost: how finance is blowing the Paris carbon budget.

The Preem oil refinery in Sweden wants to expand, greatly increasing its CO₂ emissions and those of Sweden. It may wreck Sweden’s climate target. It may also help the Norwegian fossil industry’s effort to pitch CCS. What happens now is up to the government.

Fossil fuel subsidies support an industry that causes premature deaths and ill-health worldwide – the health costs associated with fossil fuel use are more than sixfold the subsidies.