A Fair Distribution of Oil and Gas Revenues for Newfoundland and Labrador: A
A Fair Distribution of Oil and Gas Revenues for Newfoundland and Labrador: A Feasibility Study by © Dongjun Lee A thesis submitted to the School of Graduate Studies in partial fulfillment of the requirements for the degree of Master of Arts in Environmental Policy School of Science and the Environment /School of Graduate Studies /Environmental Policy Institute Memorial University of Newfoundland – Grenfell Campus September 2020 Corner Brook Newfoundland and Labrador Abstract This study aimed to investigate a way to a sustainable future of Newfoundland and Labrador through the introduction of a Sovereign Wealth Fund (SWF) using the province’s oil and gas resources. The theoretical frameworks for this study are the capital approach of weak sustainability, environmental justice, and resource curse. With these frameworks, a comparative case study analysis has been adopted to investigate cases of two jurisdictions that are already successfully operating SWFs funded by oil and gas revenue to build more sustainable societies by sustaining their economic, environmental, human, and social capitals. Based on the case studies, this feasibility study examined the following questions: 1) What impacts did the Norwegian SWF have on the sustainability of Norway? 2) What impacts did the Alaskan SWF have on the sustainability of Alaska? 3) How does the oil and gas industry affect Newfoundland and Labrador's sustainability and what improvements should be made? 4) Will Newfoundland and Labrador be able to ensure sustainability with their oil and gas revenue? The study concludes that introducing a SWF could help to ensure the sustainability of Newfoundland and Labrador, with several supporting policies, such as diversified funding sources, building a framework that can benefit local people, and achieving social consensus.
[Show full text]