Caspian Oil & Gas 2011 opened 

In his speech Crown Prince Haakon emphasised the importance of managing energy resources in a sustainable manner and of maintaining a long-term approach in order to ensure that these resources will also benefit our children and grandchildren. He praised Azerbaijan for its environmental focus and its national oil fund, and expressed a desire for continued dialogue with the country:

Azerbaijan’s focus on the environment and the establishment of a national oil fund is commendable. Norway also hopes to see a continued dialogue on other topics for the mutual benefit of our two countries, such as regional stability and security, human rights and democracy.

Extractive Industries Transparency Initiative

In the afternoon, Crown Prince Haakon attended a seminar on the Transparency Intitiative (EITI). The EITI works to improve transparency and accountability in the extractive sector through cooperation with authorities, trade and industry and civil society.

In his speech at the seminar, The Crown Prince spoke of lessons learnt from the management of the Norwegian oil fund (the Government Pension Fund Global) and the great responsibility that management of these resources entails:

Our responsibility is to manage our resources in a sustainable way, generating long-term economic growth and promoting welfare for the entire population with an emphasis on health, safety and the environment. We have to find ways to reduce greenhouse gas emissions.

Our ambition should be to enable future generations to enjoy the fruits of our revenues, through sound management.