Faroese oil revenues to fund green energy transition

The Faroe Islands will use revenue from oil production to accelerate its shift to renewable energy, according to Aksel V. Johannesen, leader of the social democratic Javnaðarflokkurin party.

Johannesen’s statement comes as a new coalition agreement confirms plans to advance both oil extraction and the green energy transition, national broadcaster Kringvarp Føroya reports.

The policy framework, outlined in the government’s cooperation document, ties fossil fuel income directly to investments in sustainable energy infrastructure.

Johannesen, pictured with coalition partner Beinir Johannesen, emphasized that oil profits would be reinvested to reduce the islands’ carbon footprint and expand renewable power sources.