The Norwegian Oil Fund in a Warming World: What are the Interests of Future Generations?

Abstract

The intended beneficiaries of the Norwegian Oil Fund are current and future generations of Norwegians, with the interests of current generations served through the expenditure of revenues on public services and the interests of future generations met by increasing the value of the fund. This formulation is reexamined in light of climate change and found to be narrow and incomplete and in tension with reducing carbon emissions in line with the Paris Agreement. I argue that a collective vision encompassing the financial and non-financial interests of current and future generations is needed and highlight the role of greater public deliberation.