We already have a massive sovereign wealth fund built from investments seeded by oil income.
Last year, large phosphate deposits were found in Norway, effectively doubling the known world supply. Given a similar taxation model, we could keep growing the wealth fund even as we phase out the oil industry over time.
Though oil industry phase-out is not something with a political consensus behind it right now anyway. Labour and the conservatives tend to reach across the aisle on that topic.
Last year, large phosphate deposits were found in Norway, effectively doubling the known world supply. Given a similar taxation model, we could keep growing the wealth fund even as we phase out the oil industry over time.
Though oil industry phase-out is not something with a political consensus behind it right now anyway. Labour and the conservatives tend to reach across the aisle on that topic.