Scandinavian countries are largely investing in renewables to reduce carbon emissions. Though also big players on the fossil fuel market, due to oil deposits in the North Sea, Sweden along with Denmark decided to produce 100% of their power from renewables by 2040 and 2050. Iceland, the small island nation already gets 100 percent of its energy from geothermal and hydropower. Denmark took another large step in achieving its goal by selling its last oil company to a French investor. However, Denmark still need the revenues from oil to fund its transition to clean energy. These revenues from the North Sea oil help finance around 1 gigawatt of new offshore wind infrastructure each year, according to Bloomberg Intelligence. This equals the power used by 170,000 homes.
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