Ambassador Peter Van Kemseke’s speech at the Norwegian Climate Foundation’s event at KÅKÅnomics 2026: Will Future Energy Come from the Arctic?

Watch the whole speech and event here

Dear Anne Karin,

Dear researchers, economists, policymakers,

Ladies and gentlemen,

It is a pleasure to be here in Stavanger.

It is also a pleasure to see so many of you here on a Friday evening.

Since I arrived in Norway a little over a month ago, I have learned at least two important things.

First, energy matters enormously to this country, and this city in particular.

And second, so does Fredagstaco.

I will not speculate on which of the two is more important.

But I am glad to see that tonight so many of you seem to prefer a discussion on energy.  

Rightly so. Because energy is not just about technology. It is about our economy. Our security. Our jobs. And even our way of life.

And few places understand this better than Stavanger.

This is where Norway’s oil adventure began.

Over the decades, that adventure, those initial discoveries, 

grew into a world-leading industry, built on innovation, hard work and ingenuity.

I saw this first-hand when I visited the Troll platform in 2023, a masterpiece of engineering.

And that industry created thousands of jobs. It brought prosperity to families across the country. And it helped make Norway the energy nation it is today.

We, in the European Union, understand what this means.

For many years, oil and gas have been at the heart of our energy partnership.

When Russia launched its brutal war of aggression against Ukraine, 

and when our dependency on Russian gas was being used as a weapon against us, we decided to move away from Russian gas imports. 

In just four years, we reduced our Russian gas imports from 45% to 12%. 

And we will bring it further down to zero by the end of next year.

Norway has been an essential partner in this effort.

From a reliable secondary supplier, it became our reliable dominant supplier.

Driven by geopolitical changes.

And the world will continue to change. 

History didn’t end, it didn’t even take a break.

So, let’s move from the past to where we stand now and to where we are going.

I want to make three points:

• First, which challenges do these changes bring to Europe.
• Second, what are we doing to address them?
• And third, what does all this mean for the future of EU–Norway energy cooperation, including in the Arctic.

First: the challenges.

When it comes to energy, the challenge is clear. We need energy that is affordable, secure and clean.

All three matter. 

First, affordability.

Energy bills are a major concern for households and businesses across the European Union.

They are structurally higher than in the US and China – two to three times higher.

And since the conflict in the Middle East started, prices went up even further.

Gas prices are now almost 150% higher than one year ago.

Since the beginning of the conflict, we have paid EUR 130 billion more, without receiving a single additional molecule of energy.

So, families have less money in their pockets, companies face higher costs, and this undermines the competitiveness of our industries.

So, we pay a heavy price for our dependence on imported fossil fuels.

The second challenge is making sure that energy supplies are secure.

The war in the Middle East and its impact on vital transport chokepoints, or the damage done to essential export facilities  in the Middle East,

taught us that energy dependence can become a strategic vulnerability. 

Supplies can suddenly dry up.

Our gas storage is now considerably lower than one year ago.

Of course, we cannot control every conflict in the world. 

We cannot control every shock in global markets.

But we can and should reduce our exposure to them.

And the third challenge is clean energy, linked to climate change.

We see the impact of climate change all around us.

In more frequent heatwaves. In floods and droughts. In damage to infrastructure, agriculture and our economies. 

And of course in its human cost.

Europe is particularly vulnerable.

It is warming twice as fast than the global average. In the Arctic, it is even for times faster.

That’s why the fight against climate change is so prominent in the Arctic Strategy that the European Commission published just a few days ago.

I am sure we will come back to it in the discussion.

Ladies and gentlemen,

Looking at all these challenges may seem daunting.

But the good news is, we have a solution: moving away from expensive, imported fossil fuels, to cheaper homegrown energy sources. Renewables, and for a majority of our Member States, nuclear.

To get there, we have set clear targets. 

Last year, we agreed on a legally binding Climate Law, we should reduce net greenhouse gas emissions by 90% by 2040. 

And last Summer, we added an ambitious electrification target. 

Also by 2040, we want to make sure that 46% of our energy consumption comes from electricity, double of what it is today. 

These are not just targets on paper.

As I mentioned, one is set in legislation, the other will be reflected in upcoming legislation. 

They set a clear direction for investments, they give businesses greater predictability. 

We are already seeing progress.

We are on track towards our 2030 climate target of reducing net emissions by at least 55%.

And last year, wind and solar together generated more electricity in the EU than fossil fuels.

We see the same trend at global level.

Across the world, clean electricity is growing. 

One figure: last year, $3.3 trillion was spent on global energy infrastructure.

$2.2 trillion of this went to clean energy technologies. 

This is important for our climate. 

But it is also good news for our cleantech companies, both in the EU and Norway. 

I met some of these in Trondheim two weeks ago, others in Bergen last week, when I went there with 15 European Ambassadors on an energy study visit, 

and I met some of them here today in Stavanger. 

We should use the strengths of our innovative companies to develop solutions that work not only at home, but around the world.

Of course, we must be realistic.

This transition will not happen overnight.

Today, fossil fuels still account for around 69% of the energy consumed in the EU.

And some industrial sectors will need fossil fuels for some time to come, for instance as feedstock.

But my point is: the transition is happening. 

We have already reduced our gas consumption by 19% compared to 2021.

And with the policies in place, this consumption will decline further – and fast - over time.

Not because we underestimate the role that oil and gas have played.

But because we understand the risks of being overly dependent on them.

And because we see the opportunities in what comes next.

Ladies and gentlemen,

This brings me to my final point.

What does all this mean for Norway and the European Union’s energy partnership?

My answer is simple.

It creates an opportunity to take our partnership into a new era.

Norway's energy expertise will be an important element in such a partnership.

Norway has deep experience in offshore engineering, maritime operations and complex energy projects.

Take floating offshore wind, which is a particularly promising area. 

It allows us to use wind resources in deeper waters, where traditional fixed-bottom turbines are not suitable.

Or take exciting initiatives like Flex2future, which explores how wind, wave and solar power can be combined on floating platforms.

This is the kind of innovation we need to see.

I have also seen many examples here in Stavanger today.

At the University of Stavanger's Energy Transition Centre, for instance, the skills and expertise needed for the next generation of energy projects are being developed.

This is what makes Stavanger so interesting.

You have the knowledge. You have the engineers. You have the companies. You have the workforce. You have the drive.

What we need is scale. 

And that’s why teaming up with us, with the European Union, is so important.

We have a single market of 450 million consumers,

a combined economy of roughly a €19 trillion in GDP.

and the financial instruments to support promising technologies, from Horizon to the ScaleUp Fund.

So let’s build on our past, to create the energy of the future, roll out new technologies and secure good jobs for the next generation.

And there is probably no better place to bring this message than here in Stavanger. 

You have shown what it means to lead an energy revolution.

Now you have the opportunity to help shape the next chapter.

Thank you.

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