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Norway Will Require State-Owned Businesses to Establish Climate Objectives Based on Science

According to a new white paper given to the top assembly by the Norwegian government, state-owned enterprises will be required to set emission reduction objectives based on scientific research.

This document, titled "A greener and more active state ownership – The state's direct ownership of firms," promotes government regulations and raises state expectations for state-owned businesses. The value of the state's direct ownership is estimated to be NOK 1.2 trillion (USD 113 million) and is distributed over 70 enterprises administered by 12 different ministries.

In accordance with the Paris agreement, the report outlined climate, nature, and ecosystem-related expectations for companies, including setting objectives and executing actions to reduce greenhouse gas emissions (GHG) in both the short and long term. Targets are intended to be founded on research whenever possible and report on their accomplishments.

The declaration follows recent expectations from Norway's pension fund that all high-emitting companies in its $1.2 trillion portfolio will set net-zero targets by 2050 "as a matter of urgency" and all portfolio companies will do so by 2040 at the latest.

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