All posts by Janice Gundersen

INTERNATIONAL TRADE ADMINISTRATION AND NORWEGIAN MINISTRY OF TRADE, INDUSTRY, AND FISHERIES LAUNCH COMPREHENSIVE DIALOGUE FOR COMMERCE AND SUSTAINABILITY

Business News, Trade

WASHINGTON – Today, Under Secretary of Commerce for International Trade Marisa Lago and State Secretary Tore Onshuus Sandvik of the Norwegian Ministry of Trade, Industry, and Fisheries signed a memorandum of understanding to launch the U.S.-Norway Comprehensive Dialogue for Commerce and Sustainability. The new bilateral dialogue aims to facilitate increased engagement between the International Trade Administration and the Norwegian Ministry of Trade, Industry, and Fisheries to deepen trade and investment cooperation in industries supporting our countries’ green transitions. 

Specifically, the U.S.-Norway Comprehensive Dialogue for Commerce and Sustainability focuses on offshore wind, advanced batteries, critical minerals, clean hydrogen, carbon management, and the maritime industry. Additionally, the dialogue will provide an opportunity to facilitate cooperation in other areas of mutual interest and create a channel for important discussions on other related topics. 

“As we pursue a more sustainable future, collaboration between governments is critical to ensuring that our efforts are coordinated and have lasting impact,” said Under Secretary Lago. “In launching this new dialogue, the United States and Norway are signaling our commitment to creating economic opportunities that will position both of our countries as leaders in the 21st century global economy.” 

Read full press release here. 

Hydro opens new aluminium recycling plant in Cassopolis, Michigan

Business News, Chemicals / Metals

On November 16, Hydro opened the Cassopolis plant in the U.S., 18 months after breaking ground at the site. The USD 150 million Michigan plant will produce 120,000 metric tonnes of recycled aluminium annually. Hydro is now producing aluminium with the lowest carbon footprint in North America.

“With the U.S. experiencing a manufacturing renaissance, this is a great day for Cassopolis, Michigan and for Hydro. This project is a key part of our strategy to double the production of our market leading recycled products and to bring more low-carbon aluminium to our American partners,” says President and CEO, Hilde Merete Aasheim.

Hydro expects to produce 120,000 metric tonnes of aluminium extrusion ingot per year at the site. It is the third greenfield recycling plant the company has built in the United States, but the first designed to produce Hydro CIRCAL.

Hydro CIRCAL contains at least 75 percent post-consumer aluminium scrap, certified by third-party auditors DNV GL, and has a market leading CO2 footprint of just 2.3 kg CO2e per kg aluminium or less.

Read full article here. 

New IBM Study Explores the Changing Role of Leadership as Businesses in Europe Embrace Generative AI

Business News
– IBM launches new European study of 1600+ senior leaders and C-level executives to explore how leadership is changing in the age of AI
– 82% of leaders surveyed have already deployed generative AI or intend to deploy generative AI in the next year, driven primarily by pressure from employees, management, and investors
– 96% are prioritizing governance and ethics as they engage in shaping internal and industry frameworks
– Data security and privacy is seen as the key challenge in terms of leadership accountability
 

LONDON, Nov. 8, 2023 /PRNewswire/ — IBM (NYSE: IBM) has launched its new report ‘Leadership in the Age of AI.’ Based on a survey of 1,600+ senior leaders and C-Suite executives across the UK, France, Spain, Germany, Italy and Sweden, the report explores how leadership is transforming as the region’s businesses embrace generative AI.

The rise of generative AI in 2023 has been nothing short of remarkable. As the technology went mainstream in the consumer market, progressive senior leaders were quick to respond, seeking to secure their place in the emerging transformation.

It’s a safe bet that 2024 will be the year businesses follow en masse, and pressure to make the right calls and lead appropriately is being felt across the C-suite. The report found that 96% of respondents who have or plan to deploy generative AI are actively engaged in shaping new ethical and governance frameworks.

As executives across Europe seek to untap the potential of AI while navigating growing security threats and an evolving regulatory and ethics landscape, the report explores what leadership in the age of AI truly entails.

Ana Paula Assis, Chair and General Manager EMEA, IBM commented:

“AI is the definitive gamechanger. A powerful catalyst with the potential to drive transformative global progress. And its rapid ascent is giving Europe, home to 7 of the world’s 10 most innovative countries, the chance to play a leading role. But this doesn’t make business leaders blind to the challenges. Concerns around governance, ethics and security are top of mind as executives strive to adopt AI safely and responsibly. It’s a responsibility which touches every fibre of a business – from its data to its people, to society at large. And success requires the kind of organizational shift few are prepared for.”

“While no organization wants to be left behind, in the eyes of their customers, investors, employees, and peers there is a license required to operate this exciting new technology. And that license is trust. This moment calls for trusted leadership, instilling good governance into every action taken. All successful AI strategies will be dependent on effective, responsible AI governance – and getting this right will ensure companies are prepared and ready to reap the benefits of the AI revolution.”

Key findings include:

Responding to mounting pressure

  • Business leaders surveyed say that the three greatest sources of pressure to embrace generative AI are coming not only from competitors or consumers, but from employees, board members and investors.
  • This stems primarily from a desire to modernize and improve operational efficiency (45%), using AI to automate routine processes and free up employees to take on higher value work while helping foster innovation. This is followed by the technology’s potential to enhance the customer experience (43%) and boost sales results (38%).
  • Answering the AI boardroom agenda in particular, respondents were virtually unanimous (95%)[1] on the potential of generative AI to power better leadership decisions.

Taking the lead on transparency and ethics

  • When it came to the challenges of deploying generative AI, respondents identified the importance of employing it within an ethical and inclusive framework as the main challenge, followed by the pressure to hire specialist talent and cost implications.
  • And, while regulators across Europe work to rapidly develop AI policy frameworks, business leaders themselves are being required to take ownership and responsibility on key issues, citing concerns over security implications (including privacy and surveillance) as the most fundamental to responsible AI.

    Read full article here.

What is Coming for Outbound Investment Screening?

Business News, Financial / Investment

In this second article of our three-part series on outbound investment screening, we explore the outbound investment screening proposals from both the United States and the European Union and their future effects on Nordic companies.

US Outbound Investment Screening Regulations

Turning our attention first to the US outbound investment screening, we find that the US has adopted a relatively narrow strategy, often referred to as the “small yard, high fence” approach. The new Executive Order outlining the restrictions was issued in August 2023, and focuses on investments in specific technologies and sectors essential for “national security.”

With the concurrently issued guidance on the future regulations, we know that the three key technological categories in focus include semiconductors, quantum information technologies and artificial intelligence systems but the full scope of the regulation could have a pronounced effect on all firms that transact in or facilitate the transfer of knowledge related to these technologies.

The regulation intends to cover companies owned or located in “countries of concern” (currently only specified as China, including Macau and Hong Kong) and will cover a broad swath of securities such as debt, equity, joint ventures, and greenfield investments. It is important for us in the Nordics to appreciate that the scope of these restrictions is global, as it applies to all U.S. individuals and companies, including foreign branches, and targets investments anywhere in the world that are owned by nationals of the “countries of concern.”

Read full article here.

Transforming for good – Top 10 Takeaways from Philip Morris International’s Integrated Report 2022

Business News

Find out how Philip Morris International is making progress toward achieving its purpose and get detailed information about its strategic vision, performance, governance, and value creation.

PMI’s sustainability materiality assessment is the foundation of its sustainability strategy—it allows PMI to identify, assess, and prioritize ESG topics. In line with the principles of double materiality,the concept of reporting on sustainability topics both from the “inside out” as well as the “outside in,” PMI’s 2021 sustainability materiality analysis assessed the potential impact of these topics on its performance and business overall in terms of risks and opportunities that could have an impact on the company’s ability to create value.

Read full report here.

Norway wealth fund CEO says it is using AI to deploy capital

Business News, Financial / Investment

NEW YORK, Nov 8 (Reuters) – Norway’s $1.4 trillion sovereign wealth fund is using artificial intelligence to help manage its investments, its CEO Nicolai Tangen said in an interview at the Reuters NEXT conference in New York.

The fund invests the Norwegian state’s revenues from oil and gas production in equities, bonds, property and renewable projects abroad.

It is the world’s largest sovereign wealth fund, holding stakes in more than 9,200 companies globally and owning 1.5% of all listed stocks.

“We are using it (AI) now in how we deploy the capital,” Tangen said.

“We use it to reduce the trading we do, because we are an index-near fund, and sometimes we have to make adjustments to the portfolio and these type of models can help us trade less.”

Tangen said he had set the fund an internal target to boost productivity by 10% over the next 12 months by using AI, and had discussed the move recently with Sam Altman, the CEO of artificial intelligence company OpenAI.

Read full article here.

Norwegian Project Plans for World’s First Ammonia-Fueled Containership

Business News, Shipping & Offshore

An innovative project in Norway seeks to build what could become the world’s first ammonia-powered containership. The vessel, which they expect to enter service by 2026, will be built in a partnership between Norway’s North Sea Container Line and ammonia-producer Yara International and its subsidiary Yara Clean Energy with the support of the Norwegian Government through its Enova investment fund.

The companies did not provide specific details on the size of the vessel but reported it is being designed for the trade route between Norway and Northern Europe. They said it would be optimized for service between Oslo and Brevik in Norway and Hamburg and Bremerhaven in Germany. It will be operated by NCL Oslo, a new partnership being launched between the companies.

“We are happy to be able to collaborate across sectors and show that decisive emission cuts are possible,” said Svein Tore Holsether, CEO of Yara International announcing the project. “The green journey started with the Yara Birkeland, the world’s first self-driving electric containership, and now we continue it with the Yara Eyde, which will be the world’s first containership on pure ammonia.” 

Read full article here.

Input on the First Edition of TTC WG1 EU-U.S. Terminology and Taxonomy for Artificial Intelligence

Business News, Technology

ANNOUNCEMENT 

The EU and U.S. welcome input on the list of 65 key AI terms essential to understanding risk-based approaches to AI, along with their EU and U.S. interpretations and shared EU-U.S. definitions that was released as part of the Fourth TTC Ministerial in May 2023. Comments are especially requested on the completeness, relevance and correctness of the definitions. Comments received will be made publicly available, so personal or sensitive information should not be included. 

During their fourth ministerial meeting (May 2023), the EU and U.S. TTC co-chairs reviewed progress and announced key initiatives including advancement of its joint AI Roadmap through launching three expert groups to focus on AI terminology and taxonomy, standards and tools for trustworthy AI and risk management, and monitoring and measuring AI risks.  The groups have (i) issued a list of 65 key AI terms essential to understanding risk-based approaches to AI, along with their EU and U.S. interpretations and shared EU-U.S. definitions and (ii) mapped the respective involvement of the European Union and the United States in standardisation activities with the goal of identifying relevant AI-related standards of mutual interest.  The EU and U.S. decided to add special emphasis on generative AI, including its opportunities and risks, to the work on the Roadmap. This work will complement the G7 Hiroshima AI process. The joint statement is found here. 

This Roadmap, shared at the TTC Ministerial Meeting (December 2022), aims to guide the development of tools, methodologies, and approaches to AI risk management and trustworthy AI. It advances EU and U.S. shared interest to support international standardisation efforts and promote trustworthy AI on the basis of a shared dedication to democratic values and human rights. 

 The EU-U.S. Joint Statement of the TTC (May 2022) expressed an intention to develop a joint roadmap on evaluation and measurement tools for trustworthy AI and risk management.  

HOW TO CONTRIBUTE:

How to contribute

  1. Click on this link 
  2. Provide feedback: share your insights through our dedicated online form. Comments received will be made publicly available, so personal or sensitive information should not be included.
  3. The deadline for comments is 24 November, 2023, at 23:59 CET / 17:59 EDT.  

    Read full article here.

Joint Statement from the United States and Norway on the High-Level Energy and Climate Forum

Business News, Energy

The United States and Norway met on October 30, 2023, for the high-level U.S.-Norway Energy and Climate Forum to advance key bilateral priorities and joint interests including energy assistance to Ukraine, European energy security, the clean energy transition, and commercial collaboration, including critical minerals and diversifying supply chains.The United States was represented by high-level officials including head of delegation Department of State Bureau of Energy Resources Assistant Secretary Geoffrey R. Pyatt, Department of Energy U.S. Assistant Secretary of Energy for International Affairs Andrew Light, Department of Energy U.S. Assistant Secretary of Energy for Fossil Energy and Carbon Management Bradford Crabtree, as well as representatives from the Department of the Interior, Department of Commerce, the office of the Special Presidential Envoy for Climate, Department of Defense, and the National Security Council. Norway was represented by head of delegation Minister of Petroleum and Energy Terje Aasland, as well as representatives from the Ministry of Petroleum and Energy, the Ministry of Foreign Affairs and from the Norwegian Embassy in Washington.The U.S.-Norway Energy and Climate Forum presented an opportunity to exchange views and deepen cooperation on energy policy priorities, including securing reliable oil and gas supplies in a manner consistent with our Paris Agreement commitments, addressing the impact of Russia’s war on energy supplies, promoting renewable energy and decarbonization technology development including carbon management, advancing diversification of supply chains for the green transition, such as for critical minerals, and bolstering support for Ukraine.

Read full statement here.

AmCham Mentorship Program – 3rd Group Gathering 2023

AmCham News

AmCham Mentorship Program Group Meeting: Inclusive Leadership & Reverse Mentoring

AmCham’s recent Mentorship Program group gathering was cordially hosted at GE Healthcare‘s production facility in Oslo. Our session featured informative presentations and discussions by General Manager Cathrine Thomassen and Stine Saatvedt, Customer Success Account Manager at Microsoft.   

Our group received an overview of GE Healthcare’s expansive Norway operations and key facts on their impressive production facilities. Cathrine shared her experience and insights on inclusive leadership, focusing on actions that leaders can take to enhance inclusivity, understanding, and competence. Cathrine Thomassen emphasized that “inclusive leadership is embedded throughout our entire company, and as the standard, we aim to be the best at GE Healthcare.” It is a daily practice, ensuring that diversity is respected and humility is observed, creating space for others to contribute. Cathrine also reminded the group of our unconscious bias, and that all leaders should take this into consideration.

“Inclusive leadership is embedded throughout our entire company, and as the standard, we aim to be the best at GE Healthcare .”

Cathrine Thomassen

Cultivating a Culture of Cross-Generational Learning

In the second half of the session, we learned that Microsoft upholds the same high organizational standards as it does in its products and services. While other companies seek to fine-tune their culture to remain attractive to young talent, Microsoft’s approach, “guided by our mission, is to nurture an inclusive culture within our organization and the products we create. We empower our employees through Employee Resource Groups, which offer opportunities for growth, celebration, and community engagement.”  

Stine stressed that the power of reverse mentoring is particularly relevant in this new AI era, where younger and older generations benefit in cross-sharing knowledge – helping to lead in the evolving landscape and directly impacting companies’ bottom lines. True empowerment is achievable through inclusion, and Microsoft’s mission is tied to the idea that success means including every individual.   

“Guided by our mission, is to nurture an inclusive culture within our organization and the products we create. We empower our employees through Employee Resource Groups, which offer opportunities for growth, celebration, and community engagement!”

Stine Saatvedt

Cathrine Thomassen - GE Healthcare

Stine Saatvedt - Microsoft

About the AmCham Mentorship Program

With its unique cross-industry orientation, AmCham’s Mentorship Program offers a dynamic, internationally minded arena for leadership development. The program pairs emerging corporate talent with seasoned executives from AmCham Patron-level member companies. The result: a collaborative arena that fosters improvement and reflection, prepares young leaders for the challenges of the international marketplace, and forges bonds between AmCham’s transatlantic member companies.

For further information and interest in the program, please contact janice.gundersen@amcham.no.

Past Mentorship Program Events