Norway's recent elections centered on the battle for control of the world's largest sovereign oil fund, which could reach $1.9 trillion by 2025. Each Norwegian theoretically owns a stake worth around $340,000, and annual withdrawals from the fund exceed $60–70 billion—more than Ukraine’s entire state budget.
The main election debate focused on whether to raise the 4% spending cap to accelerate the green transition, or maintain a conservative approach for future generations. Right-wing populist forces gained ground, with the Progress Party overtaking conservatives and calling for radical fund use, stricter migration policy, and withdrawal from the Paris Agreement.
The Labour Party, led by Prime Minister Jonas Gahr Støre, secured first place and retains the chance to form a broad coalition. Conservatives advocate protecting the fund for future generations, while Greens and left-wing radicals emphasize a rapid shift to renewable energy.
The results reflect a rise in populist sentiment, even in wealthy countries. Despite internal debates, Norwegian society remains united in supporting Ukraine: 70% support aid, and Norway has provided over $7 billion in military, financial, and humanitarian assistance. A segment of the electorate, however, questions whether such aid burdens the national budget.
The campaign involved lobbying by trade unions and business, while investment in new sectors and economic diversification sparked widespread political debate. The central bank warns about oil dependence and the risk of a downturn in case of falling prices or decreased industrial activity.
Norway’s elections show that even significant wealth cannot solve all problems. The central challenge remains: managing national assets responsibly for future generations.
