Mmastodon BusinessEconomy first seen 19 h ago, last 14 h ago, peak #3
Call to use British oil profits for a UK sovereign wealth fund
Original: I am sure Equinor will support using the profits from British oil fields for a British sovereign wealth fund in the same
A proposal circulating online suggests that profits from British oil fields, including those operated by Norway's Equinor, should fund a British sovereign wealth fund modelled on Norway's, with proceeds used to accelerate the transition to net zero. The comment was framed ironically, implying Equinor would be unlikely to back such a scheme, and has drawn attention to the UK's lack of an oil-funded national investment fund.
Why now: Debate over North Sea oil revenues and how the UK should fund its net zero transition is active.
Evidence
- I am sure Equinor will support using the profits from British oil fields for a British sovereign wealth fund in the same way as Norway does. This fund could then be used to speed up the transition to net zero. # ClimateChange # Economy # Economics # capitalism # democracy #… · MartMichaelis@mastodonapp.uk · 4
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