Femistale t1_ixlagvp wrote
I don't understand how they didn't reinvest all that oil money into something else.
alexjones85 OP t1_ixlu56p wrote
Yep true! Norway did and now they have the biggest sovereign wealth fund in the world! The citizens of the country are all essentially stockholders in their fossil fuel resource. Now they can use that massive capital to invest in more sustainable technologies. Pretty genius from a purely economic perspective.
jaytee158 t1_ixmpzhe wrote
Qatar's doing exactly the same thing, it has the 9th largest. Norway doesn't have the biggest sovereign wealth fund, it's 3rd.
Also, before we go praising Norway without critique: https://www.economist.com/europe/2022/09/08/norway-is-profiting-embarrassingly-from-war-in-europe
https://en.wikipedia.org/wiki/List_of_countries_by_sovereign_wealth_funds
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