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Britain Finally Creates an Oil Wealth Fund—50 Years Too Late
The United Kingdom has finally established an oil-backed investment fund, decades after neighboring Norway began transforming its North Sea petroleum revenues into one of the world's largest sovereign wealth funds.
Summary
The United Kingdom has finally established an oil-backed investment fund, decades after neighboring Norway began transforming its North Sea petroleum revenues into one of the world's largest sovereign wealth funds. The British government's new £2 billion Energy Wealth Fund, announced Wednesday alongside approval of the Jackdaw gas field, will channel North Sea oil and gas tax revenues into renewable energy and low-carbon infrastructure.
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