How today’s energy reality informs tomorrow’s policy

Minister of Petroleum and Energy held this keynote speech at DNVs launch of Energy Transition Outlook in Copenhagen on 13th October 2022.

Minister Terje Aasland delivering his speach
Minister of Petroleum and Energy, Terje Aasland, participated at the lauch of DNVs report, Energy Transition Outlook. Credit: Stine Grimsrud / OED

Checked against delivery. 

Let me thank DNV and Remi Eriksen for the presentation of the Energy Transition Outlook.

I dare to say this is perhaps the most important outlook so far.

In a time with international tensions, I am so glad to be in Copenhagen today. To celebrate international cooperation and the relation between close energy partners. This is much needed to address the challenges ahead.

And, in a time with unstable energy markets, significant changes are happening from week to week, even from day to day.

In this changing landscape the outlook provides a useful tool for industries, businesses, and not least politicians.

And though there are many paths, we can all agree on the destination:

The world needs more energy, it needs cleaner energy, it needs reliable energy supplies, and we need to find solutions across borders.

Because, what is perhaps the main point of the outlook: High energy prices and a greater focus on energy security due to the war in Ukraine will not slow the long-term transition.

So, how will today’s energy reality inform tomorrow’s policy, as we plan and act for the short and the long term.

Whether its renewables, where our main focus on the short terms is to assist households and industries to deal with soaring energy prices.

In the longer run, we must facilitate for increased renewable production, strengthening the power grid and enhance energy efficiency.

We know oil and gas will continue to play a role in the energy mix after 2050. And we know the crucial role it plays in Europe today.

Norway will remain a stable and predictable supplier of oil and gas through the energy transition – and we will continue to ensure decreasing emissions from the petroleum production.

And not to forget,  offshore competence and know-how from the oil and gas sector will   contribute on our pathway to net zero.

Such as for CCS.

We have stored CO2 under the seabed in Norway for more than 25 years. We know it works. We know it’s safe.

The Norwegian government is firmly committed to develop a robust value chain for CCS in Norway and hopefully abroad.

Or hydrogen, where the energy outlook calls for increased efforts.

Norway is well positioned for taking part in establishing hydrogen value chains with our high renewable share in the electricity mix and the production of natural gas close to the European market.

And not least, we are now turning visions into practice on offshore wind by launching our ambition to award areas by 2040 for production of 30 gigawatts offshore wind.

Dear friends,

Energy markets are changing.

Technologies are changing.

Climate is changing.

This is not the time for fixed energy policies as we plan for the present, and the future.

So again, thank you for this presentation, the Energy Transition Outlook improves the map of a changing terrain.