Ole Bjørn Røste
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Ole Bjørn Røste: Norwegian University of Science and Technology
Chapter Chapter 1 in Norway’s Sovereign Wealth Fund, 2021, pp 1-18 from Springer
Abstract This chapter presents the topic: How a small state like Norway is able to capitalize on its rich sub-sea endowment of hydrocarbons, to develop and bring the resources to market, and then save a fraction of the proceeds as investments in world capital markets. This experience has been cited as successful. The author shows how this came about in a thorough discussion of the case, emphasizing institutions. The working and implications of Norway’s large SWF is important. The Fund in operation since 1998 is, however, preceded by a chain of events since the first major oil find in 1969. Important serially dependent steps including earn, save, and invest were completed. The emphasis has been on financial sustainability, and increasingly on profitability and ethics.
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