KUCHING: Nobel Prize-winning economist Joseph Stiglitz revealed that Sarawak, which is rich in its oil and gas reserves could greatly benefit from adopting Norway’s model of resource management.
Citing Norway’s Sovereign Wealth Fund as a key example of how a resource-rich nation can secure its economic future, the Professor of Economics at Columbia University said that through such an initiative, the country now has more than one trillion dollars in it.
“That is a lot of money and it is contributed to their future. On top of this, the Prime Minister of Norway once told me that, now, they get more income from their investments in people than they get from oil,” he said.
He disclosed this during an exclusive interview with Sarawak Tribune at Sheraton Hotel here yesterday (Oct 10).
In light of this, he pointed out that the Norwegian model goes beyond just banking and oil wealth, as it leveraged its expertise in oil and gas extraction to develop other industries, such as pumps and carbon storage technology.
“The oil and gas conglomerate took the knowledge they got from drilling and expanded into other areas. Norway realised the world is moving toward renewables and they can’t depend on gas and oil for the future,” he said.
Relating it to Sarawak, he praised Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg for his effort to explore green energy and circular economy initiatives.
“With the global goal of achieving carbon neutrality by 2050, the timeline for oil and gas dependency is limited. You can’t be dependent on oil and gas for the long run.
“That’s why, what your Premier is doing in trying to think about green energy and a circular economy is both crucial and important,” he said.
