From The Economist on Norway, fracking, and a new book on climate change

Norway: The Norwegians are well aware of oil’s terrible ability to turn riches into rags and sages into fools. Back in 1990 they established a sovereign-wealth fund (formally known as the Government Pension Fund Global) to prepare the country for a post-oil future and to prevent deindustrialisation. They also used the oil industry to promote other local industries such as shipping... The fund is not without its problems, such as its size (it now accounts for 1% of all the world’s stocks), its leisurely approach (it was slow to exploit the opportunities offered by the 2007-08 financial crisis) and its penchant for blacklisting offending companies. But it is nevertheless one of the best-run in the world. The Norwegians have established a clear division between the finance ministry as owner and the central bank as manager. They are now trying to improve returns and diversify risks.

Shale gas in Europe: Extracting Europe’s shale gas and oil will be a slow and difficult business

Climate change: ...For decades America was the world’s biggest polluter, contributing more to the problem than any other country, whereas Europe—at least in its politicians’ minds—has model environmental laws and holds plenty of righteous talks to negotiate new solutions... But Europe and America are becoming supporting actors in the world’s climate-change drama. The lead players are China and India. China is the world’s largest emitter, contributing nearly a quarter of current global emissions. With India it accounted for 83% of the worldwide increase in carbon emissions in 2000-11. Though global warming began with industrialised countries it must end—if it is to end—through actions in developing ones. All the more reason to welcome “Greenprint”, the first book on climate change to concentrate on this growing part of the problem. Written by Aaditya Mattoo and Arvind Subramanian, two Indian economists based in Washington, DC, the book offers an unflinching look at what one might realistically expect emerging markets to do.