The Norwegian state-owned Petroleum Fund’s market value is more than one trillion US dollars. The Norwegian state has become one of the world’s largest stockowners. The Fund was established in 1990 and in 2006 it was renamed the ‘Government Pension Fund Global’, as savings for future generations. What kind of values form the basis for describing the Petroleum Fund in this way? This article shows that the idea that present generations should not empty the North Sea of oil and gas without saving something for future generations has been stable since the 1970s. However, over time, the understanding of how to save has changed. More specifically, experts, bureaucrats and politicians have shifted their arguments during four phases: moderation in oil extraction (1974 – 1983); introduction of the national wealth model (1984-1990); a financial fund for the present and the future (1991 – 2006) and increased income and new protests (2007 – 2019). These four periods show that over time the idea of weak sustainability and value commensurability have increasingly come to dominate the argumentation in public documents about the Petroleum Fund.

中文翻译：

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挪威石油基金：为子孙后代储蓄？

挪威国有石油基金市值超过1万亿美元。挪威国家已成为世界上最大的股东之一。该基金成立于 1990 年，2006 年更名为“全球政府养老基金”，为子孙后代储蓄。什么样的价值观构成了以这种方式描述石油基金的基础？这篇文章表明，自 1970 年代以来，当代人不应在不为后代节省一些东西的情况下将北海的石油和天然气排空的想法一直很稳定。然而，随着时间的推移，对如何保存的理解发生了变化。更具体地说，专家、官僚和政治家在四个阶段改变了他们的论点：石油开采的节制（1974-1983）；引入国民财富模式（1984-1990）；为现在和未来（1991 年至 2006 年）以及增加收入和新的抗议活动（2007 年至 2019 年）的财政基金。这四个时期表明，随着时间的推移，弱可持续性和价值可比性的想法越来越多地主导了公开文件中关于石油基金的论点。