– Now we are coming with the greenest ownership report ever, says Minister of Industry Jan Christian Vestre (Ap) to news. – This is a leap of seven miles in a greener ownership policy, and this is going to change Norway and eventually the world too! From before, perhaps the government’s foremost mouthpiece has announced in several interviews that management salaries in state-owned companies will be tightened. And described how much he is looking forward to presenting what is, soberly expressed, a report to the Storting on state ownership: – I am looking forward to it like a child. This is Christmas Eve for me, he told the online newspaper E24. And where the previous government wanted to sell holdings in state-owned companies, Vestre has said that it may soon become relevant to buy up or create new ones. New obligations The report to the Storting is entitled “A greener and more active ownership”. It is no coincidence that the press conference on Friday at 12 o’clock takes place at Klimahuset in Oslo. For now, it will be required that all state-owned companies have binding climate targets. It must ensure net zero emissions from the companies by 2050. – In addition, all companies in the state’s portfolio must report on their direct and indirect climate emissions every single year. And they must report on climate risks, says Vestre. – What does this mean for the way companies are run? – They must include climate in all their strategies, decisions, investments and operations. They must set goals that are based on science. This means that you can’t just make up a goal. There must be verified and objective targets, which actually take the company to net zero in 2050. Vestre says the government will require annual reporting from the companies. – This means that in the ownership dialogue with the companies we will follow this up, that it actually happens. THUMBS UP: Friday will be like Christmas Eve, says the Minister of Business. New requirements will be placed on state-owned companies. Here from the parliament hall. Photo: Stian Lysberg Solum / NTB Following targets already The state has direct ownership in 71 companies. At the end of last year, the value of the ownership was estimated at NOK 999 billion. Of this, NOK 844 billion was the government’s shares on the Oslo Stock Exchange. Steeped in tradition, Hydro is one of the companies where the state is the owner. The question is how revolutionary the new requirements are for the company, which already has a goal of net zero emissions. CEO Hilde Aasheim of the aluminum producer Hydro is positive about the signals from the government, but says the company is already operating in line with the new climate targets. Photo: TERJE SOLSVIK / Reuters – Sustainability and profitability must go hand in hand. We see that investors are more and more interested in these perspectives, which are now also included in the ownership notification. So these are expectations that are completely in line with the way we work at Hydro, says CEO Hilde Aasheim to news. – So you are already doing this? – We are already doing this. Our international investors have been asking these questions for years. But the ownership declaration sets a standard for many types of companies, says Aasheim, who does not want to rule out that the requirements will involve changes for other state enterprises. 40 companies According to the Minister for Business, about 40 of the 71 state companies have various climate targets in place. – This means that there are many who do not have it, says Vestre. He warns that the companies will already be called to a meeting in the ministry on 2 November, where the new expectations will be presented. – Shouldn’t the most important thing for the state-owned companies be to make money anymore? – Yes, those that are commercial must of course have a high return. But they must have a high yield within a sustainable framework, says Vestre and continues: – They must think creatively, adapt and enter this with life and desire. I do not buy the argument that there is a contradiction between economic growth and climate. I think we can achieve both. The Johan Sverdrup field in the North Sea, the third largest on the Norwegian continental shelf. Photo: Carina Johansen / NTB Requirements for Equinor Vestre says the government expects the companies to make the climate targets binding for themselves – and to report on how the work is going. – Does this mean that Equinor must report on how large emissions come from burning the oil and gas that the company exports? – This means that all the companies in the state’s portfolio, including Equinor, must report on their direct and indirect greenhouse gas emissions, yes. After all, it is an important principle in international climate policy that all countries must take responsibility for the emissions in their area, in their country. – So it will become more visible what Norwegian oil exports lead to in terms of emissions? – Yes, it will become more visible to everyone what are the direct and indirect emissions linked to the companies the state has in our portfolio. There are over 70 companies, a third of Oslo Børs. It is clear that this will be important, both in Norway and internationally. REQUIREMENTS: The state-owned oil giant Equinor will be able to face new climate requirements. Here are CEO Anders Opedal and Prime Minister Jonas Gahr Støre on the Sleipner platform. Photo: Ole Berg-Rusten / NTB – What if the companies don’t do what you want them to? – They will do that, I am absolutely sure. – Do you have any possibility of sanctions here? – If the companies do not listen to expectations over time, and after repeated calls and dialogue we do not experience progress, we will make some assessments of who manages these companies. So will any other private owner. The state cannot be a worse owner than a private owner would be.
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