Statement by Norwegian Businesses – COP28

COP28 is a crucial summit as the first Global Stocktake will provide a comprehensive assessment of global progress since the adoption of the Paris Agreement. The COP28 presidency has recognised the importance of “innovative processes through private sector engagement, inclusion, accountability and transparency.”

We represent a variety of Norwegian companies operating across sectors and geographies, but all similarly driven by high sustainability ambitions. We recognise that it is incumbent on us as business leaders to incorporate a wider societal perspective and we welcome and will listen to input from all sectors of Norwegian society.

We are committed to the business solutions that help us reach the Paris Agreement targets and we take very seriously UN Secretary-General Guterres’ call for ambitious and credible commitments and clear and transparent plans. We stand united, determined to take even bolder and measurable steps for a more sustainable and just future and towards combating the climate crisis, assist in reaching our emissions targets, and upholding the principles of the Paris Agreement, the 2030 Agenda for Sustainable Development, and the Kunming-Montreal Biodiversity Framework.

To help safeguard the future of humanity and our planet, the signatories:

• Fully support the Paris Agreement and stand firmly behind the EUs climate neutrality ambition. COP28 will be important in setting the course for strengthened collective action.
• Have, or will, set targets and implement measures to reduce greenhouse gas emissions in both the short and long term in line with the Paris Agreement, and report on goal attainment.
• Will increase accountability and transparency by developing and implementing credible climate transition plans that incorporate elements related to nature/biodiversity and explain how we contribute to a just transition.
• Will mobilise investments in sustainable projects and green initiatives, resulting in fast increases in renewable energy capacity and solutions to use renewable energy, carbon capture, or other mitigation measures, as well as energy efficiency measures.
• Will advocate for positive climate action, with public disclosure of our policies, activities, and affiliations.

We encourage other businesses to adopt these measures and expectations.

The signatories recommend that governments across the world take the following actions to enable a faster green business transformation:

Accelerate investments in green and energy-efficient solutions at scale: first, setting short- and medium-term action plans built on climate partnerships; secondly, incentivise the expansion of existing technologies and the development of new innovations; and finally, support infrastructure development to connect new sustainable energy installations to the public grid.

Develop regulatory frameworks and make the Paris Agreement global carbon market mechanism operational so green investments are encouraged and ensure that frontrunners are not penalised. It is critical to remove the bureaucracy and continue implementing fast-track permitting processes that enable sustainable supply chains and new business models and incentivise the transition to net-zero societies in a just and fair manner.

Provide predictable and multi-cycle green finance and de-risking instruments to bolster the energy transition. There is an urgent need for support in financing new business models, particularly during the current phases of the transformation to a rapid scale-up of renewable energy production globally. Government funds should be a catalyst in collaboration with the private sector to finance the development of tomorrow's green technologies.

Strengthen existing funding arrangements and the $100 billion annual climate finance target must be achieved as soon as possible. Essentially, these financing commitments must be well-targeted, with a particular focus placed on Least Developed Countries (LDCs).

Increase ambitions towards climate neutrality. The next round of Nationally Determined Contributions (NDCs) until 2025, must take account of this first Global Stocktake, set ambitious 2030 targets and outline concrete, transparent and reliable strategies for full decarbonisation by mid-century. Increased climate ambitions with accompanying implementation are essential.

A strong, continued partnership

We urge the Norwegian government to maintain and strengthen Norway’s position as a global sustainability pioneer. With the technology currently at our disposal and growing market demand for sustainable solutions, we acknowledge that we cannot succeed in isolation. To bring about real change, we call upon regulators and policymakers to support our efforts, level the playing field, and incentivise sustainable choices. Momentum is key, and together, we can drive the green transition forward.

Oslo, 10 November 2023

DNV, YARA, UN Global Compact Network Norway, Ruden Water, Katapult, Equinor, Grieg Green, Freyr, Reitan Retail, NHO, Statnett, Statkraft.