Randomly chosen Norwegians to discuss their oil money
15 November 2024
Last Wednesday, 40,000 Norwegian citizens received an SMS asking whether they were interested in participating in Framtidspanelet, the “Panel of the Future,” a citizen’s assembly aimed at discussing how Norway’s oil fund can be better utilised for future generations. The oil fund – as the name suggests – is generated from the country’s vast oil and gas reserves and belongs to all Norwegian citizens. Founded in 1990, the Norwegian government of the time decided that rather than reinvesting profit in the oil sector, the fund should spread its resources across the world to mitigate risk and ensure a sustainable revenue source for future generations. It worked very well. Today, the oil fund is worth €1.8 trillion, making it the world’s largest fund of its kind.
Recently, however, the fund’s investments have become a topic of heated debate, due to concerns about legal loopholes that may allow Norway to invest in sketchy or questionable businesses. Hence, a group of NGOs decided to create the initiative "Panel of the Future," believing a new democratic tool is essential for deepening the discussion and involving the public in participatory decision-making. A total of 66 citizens who respond positively to the invitation will be selected to form the panel, representing a cross-section of Norway’s demographics, including age, gender, and geographic location. Notably, 25% of the seats will be reserved for younger citizens aged 16 to 25, reflecting the one-fifth of the nation expected to be most affected by future decisions regarding the oil fund. The panel, supported by expert guidance, will question which values should underlie the use of the wealth fund, which global problems Norway can contribute to solving, and how the oil fund should be managed going forward, for the benefit of both current and future generations.
 | Daniela De Lorenzo Beneath this initiative lies the troublesome question of whether Norway, one of the richest countries in the world, can continue to fund its wealth with fossil fuels. This is especially important considering how the country’s wealth has grown significantly with Russia’s full-scale invasion of Ukraine, as its gas resources have become crucial for Europe, boosting the fund’s value dramatically. Furthermore, as the climate crisis demands a shift away from fossil fuels, the country must begin thinking about how to manage and adapt the fund for the future. Although the panel’s recommendations will be non-binding, this exercise is needed to foster broader public debate, enhance critical thinking, inform citizens, and eventually direct the Norwegian Bank to update its investment policies. |
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