According to a new Norwegian Government white paper, A greener and more active state ownership – The state’s direct ownership of companies, presented to the supreme legislature, Norway will require state-owned firms to set science-based emissions reduction targets.
In the new white paper, the Government further develops its policy and strengthens the state’s expectations of the companies. Mainly, this applies to the expectations on climate, nature, risk management, transparency and reporting, working conditions and remuneration of senior executives. The state will also more actively exercise its role and thus contribute to accelerating the green transition.
In each parliamentary session since 2002, a report to the Storting (white paper) on the state’s overall direct ownership is presented. The report to the Storting sets out the Government’s policy for why the state is an owner, what it owns, and how it exercises its ownership.
The state owns 70 companies managed by 12 different ministries. At year-end 2021, the state’s direct ownership value was estimated to be NOK 1,179 billion (USD$114 million).
The state expects the companies to set targets and implement measures to reduce greenhouse gas emissions and the negative impact on nature and ecosystems in the short and long term in line with the Paris Agreement and to report on target achievement. When available, the state expects the targets to be science-based.