The value of petroleum-related assets, technologies and capabilities will diminish in the years to come, threatening jobs, export revenues and industrial innovation. With an advanced industrial base in sectors such as energy, maritime industries, offshore engineering and process industries fueled by green hydropower, the Norwegian economy might seem ready for a green industrial transition. But Norway faces a wicked policy paradox. On the one hand, reduced demand for petroleum, as a result of global climate policies, will mean that the country’s main engine of growth must be replaced. On the other hand, several of Norway’s foremost technological advantages are developed by the petroleum industry.
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Authors
- Mariana Mazzucato | Director, UCL Institute of Innovation and Public Purpose
- Rainer Kattel | Deputy Director, UCL Institute of Innovation and Public Purpose
- Jonas Algers | Economist, Manifest Think-tank, Norway
- Olga Mikheeva | Research Fellow in Public Banking, UCL Institute for Innovation and Public Purpose
