In the world energy market, specially in European developed countries, tectonic changes are taking place as they transition from fossil fuels (coal, oil and gas) to renewable energy sources.
Decarbonising the energy sector is the new mantra. Enlightened youth, investors, green activists and media houses are in the forefront of this transition. Unfortunately, we in India have not yet realised the urgency of managing this transition. \r\n\r\n
The Norwegian sovereign fund, with assets of $1 trillion (India’s current GDP is a little over $3 trillion), decided in March to sell some of its oil and gas investments. Norway is Western Europe’s biggest oil and gas producer and its economy is dependent on oil and gas revenues.
The fund managers argue that the decision is influenced mostly by the need to diversify risk, since Norway will continue to depend on oil and gas for years to come. Read More