Norway’s former minister of finance Kristen Halvorsen says that country strictly limits how much can be drawn from its sovereign wealth fund each year to cover any budget shortfalls.

Photograph by Virginia Mayo, The Canadian Press

Sourced through from:

Norway is preparing for its post-carbon future as North Sea Oil production declines. Are others so wise?

Gary Lamphier’s June 5 editorial offers lessons Alberta (and Canada) could learn from Norway recognizing two fundamental differences: 1) Statoil in Norway is state owned, so profits are national and 2) Norway is already aware that oil and gas are a “sunset” industry as North Sea production dwindles.

And while Norway has a $1T Sovereign Fund to mitigate their downturn, what does Norway believe to be the next big thing in base-energy production?

It is inevitable – tis only a matter of time, before Alberta’s oil sands production begins to decline. And “later could be sooner” if demand declines and/or new and secure, cleaner and cheaper, sustainable energy technologies emerge. So why wait? We have time – but we have no choice, expect a resurgence of interest in nuclear – fission before fusion.

FOR MORE visit Alberta Council of Technologies