As global leaders try to tackle the thorny issues of curbing greenhouse gas emissions, the prime minister of resource-rich Norway told CNBC how the country can diversify away from oil, gas and coal.
"We are doing very, very intensive work on the diversification of our economy because the lower investments and lower oil price leads to that. But… we also knew that, at one time, we would have less oil and gas to develop and it would be more costly," Prime Minister Erna Solberg told CNBC Monday on the sidelines of the United Nations climate change conference, also known as COP21. "This increases the importance of transforming our economy," she added.
COP21 talks, which are being attended by over 130 global heads of state as well as business leaders and public bodies, are aimed at getting a global agreement on reducing greenhouse gas emissions and on keeping global warming below 2 degrees Celsius. There has been widespread disagreement over the years over who should cut emissions and by how much, however.
Many see the talks as a last-ditch effort to save the planet. On Monday, Pope Francis said the climate situation was "borderline suicide," according to media reports, and that it was "now or never" for leaders to come up with a solution.