TORONTO (Pakistan Point News / Sputnik - 03rd March, 2021) Initiatives and technologies designed to address environmental sustainability will not succeed without incentives for the private sector as a lot of the green solutions are not commercially viable, Norway's Minister of Petroleum and Energy Tina Bru said on Tuesday.
"A lot of these new technologies, a lot of these new industries that we are looking at to be part of bringing us through the green transition are, as of today, not something that is always commercially viable on its own. So, you're going to need a lot of government supports but if you don't have clear incentives for private investors to join in, I believe it won't be a success," Bru told a CERAWeek energy conference virtual panel.
Bri cited Norway's carbon capture, utilization and storage (CCUS) project as an example, saying that while projects like this demonstrate the capability of new technology, if more partners - other countries and the private sector - decline to implement these solutions, there is not much value to Norway's efforts.
CERAWeek brings together global leaders to advance new ideas and solutions to the biggest challenges facing the future of energy, the environment and climate. The annual gathering includes CEOs and officials from the global energy and utilities, as well as the automotive, manufacturing, policy, financial and tech communities.
