'When we succeed in carbon capture and storage, it may have major impact far beyond Norway. If we can do our offshore activity with 50 percent reduction of emissions, the technology can have an impact far beyond us', said Prime Minister Støre.
I would like to salute Oslo Energy Forum for setting agendas that reflect this transition. This forum has gone on for years. And I think, Sven (Mollekleiv), if you take the agendas and the programs and you lay them out, you will see part of that transition.
And I would just like to state before I share a Norwegian perspective, as Anders Opedal said, this is not conflict-free. There will be very tough choices. And there is no harmonious way to change an energy system by political will. It will require a lot of courage and it will require the ability to stay the course, even though it is complex.
And then I would add, as we discuss climate, the emergence of understanding nature. Having signed now a treaty that will put biodiversity on the same side, same level as safeguarding climate. We have to see the two in combination. It is not making it easier, but it is making it more complete.
I too came out of COP with a sense of optimism. The advantage of having something which has low expectations is that you may over-fulfil expectations. And there are people here in this room I know who contributed to making that a success. And I thank them.
I think this is a new risk reality, but also an opportunity reality. We have agreed to do the fossil fuel transition. We are moving out of fossil fuels. We have agreed to triple renewables and to double energy efficiency. And being at the COP, you had the sense that this is not only language. It is a real determination. And we have agreed to continue to work with the COP presidency, with the UAE, for the coming months leading up to COP29. And we will meet in two days in Munich with the President of COP, again to set new agendas and work with him on the way ahead.
Part of the optimistic side, DNV is saying it is going to be terribly hard to reach – and I appreciate, it is complex. Rystad Energy, on the other side, say that there are technological surprises, that renewables are increasingly outperforming fossil fuels, 50 percent more in 2023 than the year before. And that we are perhaps within the 1.6 to 1.9 degrees, as they see it now. But with the technological push and the new policies required, I would say that we still can raise the hand and say let us keep the 1.5 alive.
We are transitioning out of oil and gas. That is the big story. And we are not an oil nation, we are an energy nation. We are not living in ''the old age'', we are living in the energy age. We started with the hydro water in the late 19th century, then transitioned – oil, gas, and we now have attention focused on solar, wind, offshore wind, land wind, and new technologies.
We will continue to be a safe provider of gas to Europe. Hadn''t we been, Europe would have been in a deep crisis. Hadn''t there been LNG from Melkøya, Germany would not have been able to fill up its stocks of gas, and you would have had geopolitical risk increasing in Europe.
There will still be residual demand for oil products in the decades to come. Obviously, after 2030, Equinor''s figures and our figures show that we are declining. But we will not make a shift closing one door, then opening another one. There is a transition.
So, that is my first point. We will remain a stable provider, fulfilling our agreements. And the recent agreement between Equinor and German partners of safe delivery of gas for the coming years, I believe is absolutely essential to succeed in Germany''s transition.
It is not easy. There are discussions about land. We need more renewable power, more grid, more efficiency at the same time. But Norway has quite an amount of land compared to the number of people living around. So, it should be possible in a democracy like ours to find solutions to make and realize that potential of wind onshore, but not least offshore wind.
And you need to stand some tough tests because when so many want to do the same thing at the same time, you get bottlenecks in the value chains of offshore wind.
But if you look around the world and all the people living close to the shores, it is unbelievable to even imagine that the world will be able to face these challenges without realizing that potential.
So, it will happen. There will be bumps in the road, but it needs to be governments and companies that can do wise ''skiing'' over those bumps. And we can. So, that is my second observation. We are really focused on this and we will deliver.
There will be a North Sea network of renewable energy through ocean wind. And our ambition of realizing 30 gigawatts by 2040 stands, although – you know – starting all of this is complex, but we are putting a lot of efforts into succeeding.
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