Oireachtas Joint and Select Committees

Wednesday, 31 May 2023

Committee on Budgetary Oversight

Sovereign Wealth Funds: Discussion (Resumed)

Photo of Richard Boyd BarrettRichard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I am not second-guessing Mr. Gjedrem, but I want to be the devil's advocate from our point of view in thinking about this. If, at a certain point, additional revenues cannot be put in, and one fifth is coming from oil revenues, when the oil runs out there is quite a deficit to make up. Why would the money not be used while Norway has it to diversify the economy and try to find other sources of revenue that will be more sustainable when it has that big block of capital? One question I have in that regard is very relevant to us. We are developing wind energy at the moment. There is talk of offshore wind projects. Mr. Gjedrem might have a comment on this. Incidentally, unlike Norway's model for public ownership of its natural resources, our Government is going for private ownership of the offshore wind projects that it is going to develop. It seems to me that much of the revenues are going to go to private companies and they are not going to flow into the State's coffers. I am curious about Norway in that regard. Is it investing in wind energy, for example, while it has this temporary revenue? Is Norway developing a new energy source that can also begin to develop revenues and diversify the economy away from a dependence on oil, which is temporary? Does Mr. Gjedrem understand my question?

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