Environment

Norway’s fossil fuel bonanza stokes impassioned debate about how best to spend its ‘war profits’

Published

2 years ago

January 26, 2023

admin

Norway is making more money from oil and gas exports than ever.

Ole Berg-rusten | Afp | Getty Images

Norway’s skyrocketing oil and gas wealth is expected to climb to new heights this year, boosted by higher fossil fuel prices in the wake of Russia’s nearly year-long onslaught in Ukraine.

The ballooning petroleum profits of the Scandinavian country put Oslo in a unique position: As many in Europe are struggling to cope with the region’s worst energy crisis in decades, Norway — already extremely rich — is getting richer still.

It has ignited an impassioned debate about international justice, with many questioning whether it is fair for Norway to rake in record oil and gas revenues at the expense of others’ misfortune.

Opposition lawmakers, prominent economists in the country, and even titans of Norway’s energy industry have called on the government to set an example to the world by pumping its fossil fuel revenues into a new international solidarity fund that helps countries meet their climate goals.

Norway’s Finance Ministry expects the state’s revenues from oil and gas sales to climb to 1.38 trillion Norwegian krone ($131 billion) this year. That’s up from a previous record of 1.17 trillion krone last year, and a nearly fivefold increase from 288 billion krone in 2021.

“They are war profits,” Lars-Henrik Paarup Michelsen, director of the Norwegian Climate Foundation think tank, told CNBC via telephone.

“Most European countries are getting poorer because of the war. Norway is getting richer — much richer.”

Opposition lawmakers, prominent economists and even titans of Norway’s energy industry have called on Prime Minister Jonas Gahr Store’s government to set an example to the world by pumping at least some of its fossil fuel revenues into a new international solidarity fund.

Picture Alliance | Picture Alliance | Getty Images

Michelsen said he was fearful that by choosing to pocket its bumper oil and gas profits, Norway is damaging its international reputation, warning that the country is at risk of being perceived as “very egocentric.”

“We are in a completely different position than the rest of Europe and I think, with that, it also bears a responsibility,” Michelsen said. He called for the government to redirect its extraordinary windfall to further help Ukraine, accelerate Europe’s energy transition and provide climate finance for low-income countries.

“This situation is certainly not of our making and not to our liking,” Norway’s Deputy Foreign Minister Eivind Vad Petersson told CNBC via telephone. He argued that it is critically important for Europe’s energy security that Norway keeps gas production high.

Petersson said the government’s financial support to Ukraine is approaching 1.5 billion euros ($1.63 billion), adding that the country’s policymakers are working on a multi-year program to continue to help Kyiv.

Oil companies are getting richer and richer, but we don’t see that money — and who is really paying for this?

Ingrid Fiskaa

Foreign affairs spokesperson for Norway’s Socialist Left

When asked about accusations that the country is war profiteering, Petersson replied, “No, not really … The indirect effect, we fully acknowledge, is that our revenues have increased, but I do not accept that label.”

“We are very well aware of the responsibility that comes with the fact that we have these resources. Of course, the responsibility to protect it, bearing in mind the crucial role of energy security now in Europe for this winter and possibly next,” Petersson said.

He added that Norway’s government is also “fully aware of the responsibility that comes with being a supporter and donor, not only to Ukraine but also other countries across the world suffering the effects of Russia’s war.”

‘We should contribute more with this money’

Norway, which last year overtook Russia as Europe’s biggest natural gas supplier, has been one of the world’s top crude producers for the past half-century. That’s thanks to its gigantic North Sea petroleum deposits — the spoils of which have been used to provide a robust safety net for current and future generations.

The Norwegian government’s net cash flow from petroleum sales is transferred into Norway’s $1.3 trillion sovereign wealth fund. The government can only spend a small part of the fund each year, but this is still estimated to amount to nearly 20% of the government budget.

The so-called Government Pension Fund Global, among the world’s largest sovereign wealth funds, was established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector. To date, the fund has invested in more than 9,300 companies in 70 countries around the world.

Norway, which last year overtook Russia as Europe’s biggest gas supplier, has been one of the world’s top crude producers for the past half-century.

Jp Black | Lightrocket | Getty Images

“These excess profits, as we may call it, are a direct result of the war,” said Ingrid Fiskaa, foreign affairs spokesperson for Norway’s Socialist Left, whose support is critical for Prime Minister Jonas Gahr Store’s minority government.

Fiskaa highlighted that legislation in Norway limits the use of oil revenues in the domestic economy to avoid high inflation — and that, she argues, strengthens the case for investing in international solidarity.

“There should be a lot more debate on this issue,” Fiskaa told CNBC via telephone. “Oil companies are getting richer and richer, but we don’t see that money — and who is really paying for this? It is the rest of the world. We should contribute more with this money.”

Norway’s aid budget has hovered near 1% of its gross national income for more than a decade, making it one of the world’s most generous donors.

Store’s government was sharply criticized last year for proposing to cut the proportion of GNI it spends on foreign aid to 0.75%. That level is still significantly above the Organization for Economic Cooperation and Development’s average of 0.3%, but civil society groups described the move as “embarrassing” at a time when Oslo was making money like never before.

Norway’s foreign ministry has since pledged to deliver on its aid budget target of 1% of GNI in 2023.

Environment

ID. Buzz recall: VW’s third-row bench is too big for its own good

Published

4 hours ago

May 2, 2025

admin

ID. Buzz recall: VW’s third-row bench is too big for its own good

ID. Buzz recall — VW ID.Buzz Dune interior

Volkswagen of America is recalling nearly 5,700 2025 VW ID. Buzz vans because the NHTSA says the third-row bench seat is too spacious. (For real.)

According to the National Highway Traffic Safety Administration (NHTSA), the third-row bench is physically wide enough for three people, but it’s only designed to hold two, so it’s only equipped with two seat belts. That mismatch violates Federal Motor Vehicle Safety Standard number 208, which covers occupant crash protection. A bench that invites three passengers but only protects two isn’t just awkward – it’s a safety risk. It simply makes it too easy to squeeze that third person in the back “just that once” without a seatbelt, and that’s inviting trouble.

Volkswagen will fix the ID. Buzz issue by having dealers install “fixed unpadded trim parts” that adjust the seat’s usable width, and they’ll do it for free, because recall repairs are always free. It’ll probably be hard plastic on the seat to ensure a third person can’t squeeze in. Owner notification letters are expected to go out starting June 20, 2025.

Volkswagen has reported that, to date, there have been “no field claims known” of safety issues caused by the extra-wide third row bench seat.

Advertisement – scroll for more content

If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Environment

Zenobē arrives in North America with a 500 unit EV deal in Canada [part 4]

Published

4 hours ago

May 2, 2025

admin

Zenobē arrives in North America with a 500 unit EV deal in Canada [part 4]

Zenobē expands its North American fleet financing platform with CA$48M debt financing for Canada’s 7Gen

Electric vehicle charging and battery storage specialists Zenobē have inked a deal with Canadian leasing company 7Gen to fund more than 500 commercial EVs and their associated charging infrastructure.

Last week, Zenobē agreed to provide up to $48 million (Canadian) in debt financing to 7Gen to help expand its vehicle-as-a-service electric truck leasing program across Canada.

7Gen supports fleet operators with a comprehensive set of vehicle leasing and financing solutions that cover EV charger deployment, energy management systems, and ongoing operational support for Canadian fleet customers operating electric trucks, vans, and school buses.

Zenobē secured $1.6 billion in equity from its joint majority shareholders KKR and M&G Infracapital to fuel its global expansion into EVs and grid-scale batteries back in 2023. Since then, it’s grown to support more than 2,000 EVs and 120 charging depots across markets in the UK, Europe, Australia, and New Zealand.

Advertisement – scroll for more content

“We’re bringing our innovative funding approach to Canada and specifically to 7Gen,” says Steven Meersman, Co-Founder and Director of Zenobē. “We see momentum behind decarbonization in Canada’s supportive government policies and the clean, affordable power that will ensure a lower total cost of ownership for zero-emissions vehicles. We look forward to sharing our global experience electrifying over 120 depots to benefit 7Gen, its fleet customers and the wider electric fleet market in Canada.”

That innovative funding strategy is something Steven and I had a chance to discuss this week at the ACT Expo in Anaheim, California. “We’re being very careful in the way we approach the North American market,” he said (paraphrasing). “The market is fairly littered with the graves of other UK EV companies that have tried to find a foothold here and failed, so we’re being very careful about our partners.”

Despite living just a few minutes from his Chicago HQ, I’d never met Steven before this week. He’s a super-interesting guy and you will definitely learn a thing or two about how to build a multimillion dollar energy management company like Zenobē from our upcoming podcast (stay tuned for that). But the news here is 7Gen.

“Zenobē’s debt financing supports 7Gen’s next growth step and allows us to help our customers step up the pace of their EV adoption and benefit immediately from operational cost savings,” says Frans Tjallingii, CEO, 7Gen. “Zenobē’s team is well aligned with ours and we are thrilled to partner to scale our impact in Canada together.”

The company will begin rolling out its Zenobē-funded electric trucks in the coming weeks, with new partners and projects set to be announced shortly.

SOURCE | IMAGES: Zenobē.

If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Environment

BYD’s $10,000 Seagull EV was its top seller last month and now it’s headed overseas

Published

5 hours ago

May 2, 2025

admin

BYD's ,000 Seagull EV was its top seller last month and now it's headed overseas

BYD’s ultra-affordable Seagull was its top-selling EV last month, with over 55,000 units sold. With prices starting at under $10,000 in China, it’s the cheapest EV in BYD’s lineup. And with plans to launch it in new overseas markets soon, the Seagull is expected to see even more demand.

BYD’s top-selling EV in April starts at under $10,000

There’s no denying BYD’s growing presence in the global auto industry. The Chinese auto giant just posted its best month of 2025 in April, selling 380,089 new energy vehicles, including EVs and PHEVs.

For the first time in over a year, fully electric vehicles outsold hybrids. BYD sold 195,740 purely electric cars last month, up 45% from April 2024.

The Seagull was BYD’s top-selling EV with 55,028 models sold last month alone. It’s part of BYD’s Ocean and Dynasty brands, which accounted for 347,053 of its total sales in April. The premium Denza brand added 15,388, while Fang Cheng Bao and Yangwang sold 10,039 and 135 vehicles, respectively.

Advertisement – scroll for more content

Perhaps even more importantly, BYD set a new overseas sales record for the fifth straight month with nearly 80,000 vehicles sold. Through April, BYD has sold 285,170 vehicles overseas, more than doubling from last year.

The Seagull EV, which is being sold under the name Dolphin Mini, is already being sold in several countries, including Mexico, Colombia, the Philippines, and Brazil.

Later this year, BYD will launch the low-cost EV in Europe as the “Dolphin Surf” with prices expected to start at under £20,000 ($26,000).

BYD-Seagull-EV — BYD Seagull (Dolphin Mini) EV (Source: BYD)

The Seagull is just 3,780 mm long, 1,715 mm wide, and 1,540 mm tall, with a wheelbase of 2,500 mm, which is even smaller than the Volkswagen ID.3 (4,264 mm long, 1,809 mm wide, 1,568 mm tall).

Designed by Wolfgang Egger, a former Lamborghini and Audi designer, the Seagull has earned the nickname “Mini Lamborghini” in China.

BYD Seagull trim	Starting Price	Range (CLTC)
Active	$9,700 (69,800 yuan)	190 mi (305 km)
Free	$10,500 (75,800 yuan)	190 mi (305 km)
Flying	$12,000 (85,800 yuan)	252 mi (405 km)

BYD Seagull EV prices and range in China

In China, the Seagull EV is available in three trims: Vitality, Freedom, and Flying. There are two BYD battery pack options, 30.08 kWh and 38.88 kWh, which provide 305 km (190 miles) and 405 km (252 miles) CLTC range, respectively.

According to S&P Global Mobility, BYD’s sales are expected to double in Europe from 83,000 last year to 186,000 in 2025.

Although it’s not slated for European production, the report notes that “the Seagull’s pricing strategy ensures competitiveness in the EU even with tariffs.”

FTC: We use income earning auto affiliate links. More.