NBCC had the privilege of having Chief Economist of the Norwegian Confederation of Enterprises, Oystein Dorum as keynote speaker for the Annual General Meeting of the chamber on April 27, 2021.
More than 40 people accompanied the presentation of the experienced economist. The Covid-19 pandemic hit Norway´s mainland GDP hard and the decline was the largest in the Norway´s post-war history. According to Mr. Dorum, a 3,2 percent growth is expected this year, and optimism is slowly picking up.
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In what Oystein Dorum calls Norway´s triple whammy, you have the ageing Norwegian population and the increasing costs of the public sector, slowing productivity and the decline in the petroleum sector and the fiscal situation, indicating tighter budgets in the years to come.
Norway is well positioned, but the golden age of Norway´s economy is history, Mr. Dorum said.
So, what about the energy transition we are heading into?
“The message is clear, we must decarbonize now, and in a politically acceptable way, to avoid further inequality and polarization. Transformation of the energy sector is key as this would reduce emissions by 33 percent”, he said.
Mr. Dorum believes that solutions will be found in technological developments and innovation, and in cooperating across borders. And we will need several new technologies to get us there. There is no one solution that fits all.
“From a Norwegian business perspective, this will create opportunities, within carbon capture and storage and hydrogen, for example. Investors are already becoming greener. There is no doubt that the climate challenge we are facing, is the price of the welfare we have enjoyed”, Oystein Dorum said.
Main photo – Photo courtesy of Moment Studio NHO