Norway’s natural gas windfall should go to Ukraine. Financial Times
The country provides less support, as a share of GDP, than its neighbours.
Author: haavardhal
I am a senior economist at the World Bank Group, where my work focuses on sovereign wealth funds and strategic investment funds. In particular, my research and advisory activity has focused on fund mandates, governance frameworks, as well as economic and policy implications of sovereign wealth funds’ domestic investment. Other research interests include climate finance, and the role of strategic investment funds in financing clean-energy infrastructure.
In my previous role, I have worked on the public economics and management of the extractive industries sector, and in the area of infrastructure finance.
Norway Should Cede Its War Windfall to Ukraine. Project Syndicate
After the Ukraine war caused natural gas prices to rise sharply, Norway collected windfall profits totaling an estimated $113 billion. Refusing to use these gains to support Ukraine’s defense and reconstruction is not only morally wrong; it also reflects a myopic perspective that Norway’s government should abandon.
Norway Is a Ukraine War Profiteer. Project Syndicate
The Norwegian finance ministry recently revealed just how much the country has benefited from Russia’s invasion of Ukraine, estimating its windfall natural-gas revenues for 2022-23 to be around $111 billion. Yet rather than transferring these gains to those on the front line, the government is hoarding them.
What the Paris Development Finance Summit Missed. Project Syndicate
Former World Bank Chief Economists Justin Yifu Lin, Alan Gelb and I argue that the June 2023 Paris Development Finance Summit missed a crucial element: To mobilise private capital at a scale significant to climate change, multilateral development banks need to find ways to work much more closely with pension funds and other institutional investors Read more about What the Paris Development Finance Summit Missed. Project Syndicate[…]
Development Banks Must Embrace Nuclear Energy. Project Syndicate
Jessica Lovering and I argue that to accelerate the energy transition and counter Russia’s influence in emerging countries, development banks must start financing nuclear energy.
Norway’s sovereign fund still behind on climate! OMFIF
Marcin Kacperczyk and I argue that the fund’s climate-related mandate leaves responsibility for the green transition with portfolio companies. The Norwegian government and parliament (Storting) need to set a portfolio level net zero target for the fund, as well as for the benchmark index.
New book! Strategic Investment Funds: Establishment and Operations
This is henceforth the reference work on strategic investments funds! I started working out the concept for this book in November 2015, at my kitchen table on weekends, since there was initially no funding for it. Great to see it finally published! Check it out!
Links between food and energy must be weakened. Financial Times
Jan Rieländer, Rüya Perincek and I argue that biofuels and high fertiliser prices must not be allowed to lead to a hunger catastrophe.
How Norway can fulfil its COP26 sovereign fund promise. OMFIF
Government white paper places responsibility for net zero transition with portfolio companies
Norway’s Sovereign Duty. Project Syndicate
Christiana Figueres, Knut Anton Mork, and I argue that Norway should lead a global coalition of sovereign funds towards Net Zero commitments, at COP26.