Has Norway found a solution to Canada’s Oil problems? According to the given article, the answer is yes. By tightening up their carbon-taxes, creating a crown oil company and a sovereign wealth fund, Norway is able to lessen their necessity of oil and create green initiatives. I believe it is crucial that the Canadian government looks to follow Norway’s footsteps. By raising our carbon tax, the Canadian government would discourage the production of carbon emissions, while receiving billions of dollars from large oil companies. The government could then re-invest this money to stimulate the economy, and cut the taxes placed on labor and income. Reduced taxes on the labor and income would result in more money in taxpayers pockets that would further stimulate the economy, benefiting the entire business community. In a sense, I view this system as a full-circle providing economic and environmental benefit to the general public. However, I also understand the implications of employing such a system, especially as Canada is heavily oil dependent. I view the combination of sustainability with economic stability and growth as one of the greatest challenges in the current global community. Thus, I believe it is crucial that Canada looks to learn from the success from Norway, and perhaps look to streamline their current system. Norway’s national competitive market and high GDP suggests that they may have found a sustainable solution, giving the Canadian government some food for thought.

Sources:

http://www.theglobeandmail.com/report-on-business/international-business/european-business/norway-proves-oil-rich-nations-can-be-both-green-and-prosperous/article21514455/