Canadian Special Envoy on Climate Finance, Mark Carney, took an important meeting with Norwegian Prime Minister Jonas Gahr Store. This meeting coincided with his visit to Norway for the Holmenkollen Skifestival. The two leaders went on to have a wonderfully fruitful and collegial working dinner at the Prime Minister’s residence. They touted deepening cooperation in key fields, such as critical minerals, outer space security, and backing Ukraine in its fight against Russia’s invasion.
In Carney and Store’s immediate priorities discussed in their bilateral meetings. They acknowledged that growing geopolitical tensions, in particular, are exacerbating global oil supply issues. Following their Municipalism 2.0 meeting, like-minded Munis released this joint statement. It underscored their deep commitment to working together at the most strategic level, demonstrating their recognition of the economic underpinnings that bind their countries together.
Carney’s full agenda during his time in Norway included one-on-one meetings with leaders of the Nordic Five— which includes Iceland, Denmark, Finland and Sweden. This convening underscored how crucial regional cooperation will be in tackling the West’s complicated energy and security challenges. The stakeholder process was inclusive, drawing all the relevant players in the energy sector to the table. Among them were Maersk, a global shipping company that moves about 15 percent of global container traffic, and Landsvirkjun, Iceland’s national energy company.
At the Holmenkollen Skifestival, Carney rub shoulders with Canadian athletes racing on the International Ski Federation World Cup circuit. He then received special audience with the King and Queen of Norway. Yet, as this closed event at the festival demonstrated, it was easy to forget how crucial his visit was.
Carney zeroed in on the proposed $14 billion Bay du Nord oil project. This project, located off the coast of Newfoundland, generated some of the most intense dialogue. Carney presented this initiative as “extremely sexy,” underscoring Canada’s commitment to push it forward. He noted that the project promises to produce “very low-carbon oil in terms of production and transportation,” aligning with global climate objectives.
“From Norway’s perspective, from Canada’s perspective, we are low-risk producers of oil, we are low-risk producers of natural gas,” – Mark Carney
Carney announced that Canada should increase its oil production by 23.6 million barrels. This increase is included in a coordinated release of 400 million barrels led by the International Energy Agency. This decision is a sign of necessary strategic thinking due to realities in the global energy marketplace today, as well as an effort to shore up economic security.
These conversations returned often to the small and medium-sized businesses that create the majority of jobs and economic growth in Canada. In fact, Carney focused on the recent wage increases that have consistently outpaced inflation as showing the positive effects of a growing economy and strong recovery. He continued on the theme of fostering confidence and investment in Canada’s economy.
“The government is very focused on growing this economy and part of how we’re going to grow this economy, yes, it’s immediate measures, as I’ve just indicated, but it’s also getting the confidence and the investment in the country,” – Mark Carney
Additionally, Carney made further statements underscoring Canada’s goals of energy independence and diversification of Canada’s international partnerships. He doubled down on the importance of a predictable economic ecosystem that rewards domestic production while protecting American interests abroad.
“A country that’s more independent, that’s diversifying our partnerships, that’s building first and foremost at home, and then secure abroad,” – Mark Carney
As part of his visit, Carney witnessed NATO exercises in Bardufoss, Northern Norway, demonstrating Canada’s involvement in regional security initiatives.
