In Norway a lot of it is paid for by oil. Once the world transitions to clean energy Norwegians will be in for a wake up call. In their defense they are trying to diversify but it's not an easy task
To start, they seem to have invested heavily in renewable energy sources. Citing Wikipedia: "Electricity generation in Norway is almost entirely from hydroelectric power plants."
I believe that's more than you can say for any other country and it's one of the best ways to invest oil money I'd say.
98% power comes from renewable energies. Quite impressive.[2] They were in 13th place last year for oil production and about the same as Saudi Arabia if you look at per capita oil production. Per capita they are on par with most middle eastern countries.[3] Only difference is they fund their country via the oil fund not some monarch kleptocracy family.
While the average consumption of a Norwegian is still too darned high, Norwegians have certainly been changing their consumption patterns in the last years:
I can't help but being impressed by Norway and the decisions they have made in regards to their oil.
It would be very easy for the country to rely on their oil only, and forget about everything else. But instead, they realise the importance of renewable energy and try to build a sustainable future.
Norway is an interesting case because their own energy grid is mostly powered by renewables. However, they export huge amounts of fossil fuels to other countries:
> With their hydro-powered energy grid and electric cars, they are among the world’s most enthusiastic consumers of green power, but decades of exporting oil and gas means this nation of 5.3 million enjoys a generous welfare buffer, and sits on the world’s largest sovereign wealth fund.
It was easy for them to give up fossil fuels, but then they simply export those fossil fuels to other countries who will burn them anyway.
Norway's sovereign fund doesn't invest in companies which only carry out exploration & production, and invests in fossil fuel companies only if they also fund renewable research (although that may be token efforts for some). In all that's about 6% of the fund. It also invests a lot in renewable focused companies. Not perfect, but steps in the right direction and Norway is very aware of the contradiction in it's energy usage and fossil fuel production.
Norway. They've got a trillion dollars in their sovereign wealth fund and like to imagine they are rehabilitating their reputation as not being bad for the environment even though the basis of their wealth is oil extraction.
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