Historically, countries with a plethora of resources have put environmental concerns aside and exploited their resources to maximize profits. Norway has demonstrated that it is possible for resource-rich countries to grow economically while being environmentally aware. In the late 1960s, Norway discovered a gusher of oil and gas off its North Sea coast. Since then, it has been redistributing its energy wealth. Steep taxes and the creation of a government oil company and a sovereign wealth fund are elements of Norway’s resource strategy. Norway invests the dividends it makes from its oil wealth into education, health care, and research and development. Most of this research and development is focused on making Norway’s energy sector more efficient and eco-friendly. The Alberta Heritage Savings Trust Fund demonstrates that Canada has done the opposite. These oil royalties were supposed to be saved for future generations however most of the money has been used by the government. In my opinion, Canada should follow Norway’s example. Norway is employing strategies which create a triple bottom line. The country is benefiting socially, environmentally and economically. Canada should impose more taxes carbon emission and other forms of pollution while cutting taxes on income and labour. Environmental solutions do not have to come at a high economic cost when a country strategically implements taxes.
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