All posts by Margrethe Harboe

Norway, EU agree closer cooperation on batteries, raw materials

Business News, Chemicals / Metals

OSLO, June 27 (Reuters) – Norway and the European Union will closely cooperate on battery value chains and raw material supply as part of efforts to tackle climate change, they announced during a Norway visit by European Commission Vice President Maros Sefcovic.

Sustainable value chains for minerals, metals and batteries help decarbonise the economy, addressing strategic dependencies and boosting jobs and growth, Sefcovic and Norwegian Industry Minister Jan Christian Vestre said in a joint statement.

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Norse Atlantic Airways takes off with first flight from Fort Lauderdale-Hollywood International Airport (FLL) to Oslo, Norway

Airline / Travel, Business News

Norse Atlantic Airways celebrated the first commercial departure flight from Fort Lauderdale (FLL) to Oslo on June 20th. This exciting milestone follows Norse Atlantic Airways’ inaugural flights between Oslo and JFK New York on June 14th.  

“Norse Atlantic Airways has now entered a new chapter, we are delivering on our promise to offer affordable value and a quality traveling experience to all. Our first Norse Atlantic Airways flight from Fort Lauderdale to Oslo is the culmination of months of preparation and hard work by dedicated colleagues across all departments. This marks a proud moment for us all at Norse as we now look ahead to ramping up our network for the benefit of customers, businesses, and local economies” said Bjorn Tore Larsen, CEO of Norse Atlantic Airways.

The full flight from Fort Lauderdale to Oslo was operated by a Boeing 787 Dreamliner, this afternoon and is due to touch down in Oslo at 6:35AM CET.

In celebration of the first flight from Fort Lauderdale to Oslo, a ribbon cutting was held at gate 3 ahead of the inaugural flight. Remarks were made by Norse CEO Bjorn Tore Larsen, Broward County Mayor, Michael Udine, FLL CEO Mark Gale, and Visit Lauderdale EVP, Tony Cordo. With dozens of guests at the event, Mayor Udine proclaimed June 20th as Norse Atlantic Airways Day and presented Norse CEO, Bjorn Tore Larsen with the Keys to the County.

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Equinor signs deal with 3D print start-up from the Equinor and Techstars Energy Accelerator

Business News, Energy

Equinor has signed a Letter of Intent (LOI) with the 3D print start-up Korall Engineering based in Bergen, Norway. This is a result of this year’s Equinor & Techstars Energy Accelerator programme.

Equinor believes the solution proposed by Korall Engineering is needed in the changes the industry is facing, where 3D print and digital inventories are important elements in transforming the supply chain into digital supply network.

3D printing is a production technique where three-dimensional objects are built up layer by layer. A digital inventory reduces the need for physical inventory, saving time and money.

“Equinor has identified a great potential in utilising 3D print. The main areas are to reduce maintenance and modification costs, reduce lead time, reduce physical inventory, reduce waste and improve functionality. Equinor finds Korall Engineering’s technology and competence interesting, and it is Equinor’s intention to continue the collaboration started during the Equinor & Techstars Energy Accelerator programme”, says Brede Lærum, head of Additive Manufacturing Centre of Excellence in Equinor.

Equinor Ventures has also awarded two Accelerator Prizes to the start-ups Sol Clarity from USA, and to Powertrust from Canada. The companies will receive USD 50 000 each.

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AmCham Nordics Webinar: Sustainable Transatlantic Impact with Citi & 3M

AmCham News

AmCham Nordics Webinar: Sustainable Transatlantic Impact with Citi and 3M

AmCham Norway, in partnership with Citi, 3M and fellow Nordic counterparts , were pleased to invite the Nordic AmCham community to a conversation with Bridget Fawcett, Global Co-Head of Sustainability & Corporate Transitions Investment Banking at Citi, and Romy Kenyon, Senior Sustainability Manager EMEA at 3M.

Sustainability as a Growth Engine

Back by popular demand and from her unique Citi perspective, New York-based Bridget Fawcett provided updates on the evolving US regulatory environment, government support for key technology sectors and the implication of sustainability commitments for capital flows and capital access for sustainable companies.

Citi, who has partaken on the sustainability journey for over 20 years, announced in 2021 its commitment to Net Zero financed emissions by 2050, and a pledge of $1 trillion Sustainable Finance by 2030 goal to help advance the UN SDGs.

Commenting on US-Nordics transatlantic foreign direct investment (FDI), Fawcett explained that the Nordic countries combined constitute the 10th largest source of FDI in the US. Most recent annual data shows that bilateral FDI grew in both directions between 2016 and 2020, with a 21% increase into the Nordics, and 34% increase into the US over the past five years. Fawcett believes the strong co-investment is due to a shared value system around sustainability and shared competency recognizing the growth agenda of the transitions that are underway. 

Speaker

Bridget Fawcett

Citi.svg

A member of the World Economic Forum’s Task Force on Financing the Transition, Fawcett also recognizes the shared commitment around net zero goals, with a further expected increase in FDIs due to the sheer opportunity that the transitions, mainly within energy, represent.

Comparing advancements from our conversation one year ago prior to COP26, and the emergence of a new environment colored by covid and the war in Ukraine, one key finding is the new ‘S’ in ESG: sovereign and corporate security within food, supply chain and energy at top of the agenda.

There are barriers to financing climate solutions at scale and public sector support is critical. Solutions exist, such as the Biden Executive Order for $65bn of low-carbon goods and service procurement and the First Movers Coalition. Realized and predicted numbers will and do reflect the shared objectives of the US and the Nordics continuing to drive transition champions and enable growth on both sides of the Atlantic.

Driven by Purpose, Accelerated by Demand

Romy Kenyon consults all 3M businesses and EMEA regions to support businesses in using ESG criterial, including sustainability, as a key market differentiator. She vividly recounted how the awareness around sustainability in her interactions with stakeholders has shifted tremendously over the past five years, going from somewhat important to the core of innovation.

With a product line consisting of over 70,000 products selling in all parts of the globe with manufacturing sites in over 150 countries, 3M is a truly global company leveraging their position to lead and innovate for a more sustainable, ethical future. By applying science, they design solutions with less materials, advancing a circular global economy, innovate to accelerate global climate solutions, and create positive impact, leading with a purpose.

Kenyon explained how customers’ increased request to see evidence of sustainable adaptations is driving sustainability trends including net zero, circular economy, clean energy, and ESG regulations, much of which is promoted by the EU. As a collective, 3M, their clients, customers, and suppliers are exploring new manufacturing and economic systems, with innovation and technology driving the solutions. A market leader in many of the markets in which 3M operates, customers seek 3M’s guidance on sustainability-related issues.

Speaker

Romy Kenyon

3M email
Presentation images for amcham.no (2)

In addition to the performance requirements of the products, customers expect the products to meet sustainability requirements. In their product development, 3M explores alternative materials and opportunities to manufacture more locally for security of materials and supplies. The trend is shifting towards smaller factories in local regions, as opposed to a global model, which has the added benefit of reducing carbon footprints. Customers also seek transparency around the source of the products along the value chain, including the wellbeing of persons involved in the production process and treatment of staff. In addition,  the products’ end of life are considered; whether they will be repurposed, reused, or recycled.

In 3M’s Sustainability Value Commitment (SVC), each new product must detail how it drives impact for the greater good. This can include the use of sustainable materials and processes and reformulation of existing products to help customers be more sustainable in their operations or product use, or products that enable new business models or market shifts where spare parts are being repurposed, in the creation of e.g., custom-fitted objects. According to 3M’s ethos, not only must the products be right but, but the company must also do right by including diversity, equity & inclusion as a company culture component.

Nordic AmChams (1)

Norway’s sovereign fund eyes long-term profit from market turmoil

Accounting / Financial, Business News, Government

OSLO, June 21 (Reuters) – The recent turmoil in global financial markets represents an opportunity for Norway’s $1.2 trillion sovereign wealth fund, to profit from it much like it did during the 2008-2009 financial crisis, its deputy chief said on Tuesday.

As the world’s largest fund of its kind it owns 1.3% of all globally listed stocks as well as a portfolio of bonds, real estate and renewable projects, aiming to share the proceeds from Norway’s oil and gas industry with future generations.

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Ambassador Marc Nathanson Presents His Credentials to HM King Harald

Business News, Government, Politics

At a formal audience with His Majesty King Harald V on June 16, Marc Nathanson presented his credentials to be Ambassador Extraordinary and Plenipotentiary of the United States of America to the Kingdom of Norway.

Ambassador Nathanson was nominated by President Joe Biden on November 4, 2021. He was confirmed by the Senate on May 5.

Statement for attribution to Ambassador Nathanson:

“I am honored by the confidence placed in me by President Biden to further develop the deep ties between our two nations.  The United States and Norway are close allies in NATO and key partners in addressing urgent issues including the climate crisis and threats to global peace and freedom.”

“Throughout my forty-year career in the communications industry, and while serving as the Vice Chair of the National Democratic Institute, it has been my honor to work with the American and Norwegian governments in their international efforts to protect human rights and promote media freedom. I look forward to continuing that work as the U.S. ambassador to Norway.”

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Norway firms see growth slowing in next six months, survey says

Business News, Financial / Investment

OSLO, June 14 (Reuters) – Norwegian companies expect economic growth to slow in the coming six months, a central bank survey showed on Tuesday, driven by high inflation, capacity constraints and expected higher interest rates dampening demand.

“Constraints have become increasingly widespread across all sectors in the course of spring, except retail trade where somewhat more enterprises now have spare capacity,” Norges Bank said in a statement.

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CDC will no longer require air passengers traveling from a foreign country to the United States to show a negative COVID-19 viral test or documentation of recovery from COVID-19

Airline / Travel, Business News, Government

As of June 12, 2022, the CDC will no longer require air travelers to show a negative COVID-19 test result, or documentation of recovery from COVID-19, prior to boarding a flight to the United States.

CDC’s Order requiring proof of vaccination for non-US citizen nonimmigrants to travel to the United States is still in effect.

More information.

Risk Outlook – June 2022

Accounting / Financial, Business News

The economies of Norway and several other countries are now characterised by high levels of activity and few available resources. However, the outlook for the global and Norwegian economies is highly uncertain. Supply chain disruptions, partly as a result of the Covid-19 pandemic and the war in Ukraine, have dampened growth prospects and contributed to a sharp rise in global inflation. Central banks in several countries have raised their key policy rates and announced further interest rate increases. Prospects of weaker economic growth combined with persistently high inflation have raised fears of stagflation.

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Roundtable ‘rounds up’ keys for success

Business News, Health

Strategies for successful U.S. market entry in health care and life science sectors –

What do health-care, life-sciences, biotech, and pharmaceutical companies in Norway need to know before entering the U.S. market? What are the challenges, misconceptions, and regulations? How do they seek investors and protect intellectual property?

A March 31 virtual roundtable on “Strategies for Successful U.S. Market Entry,” attempted to answer these questions. AmCham Norway, WorldUpStart, Norwegian American Chamber of Commerce Philadelphia, Nordic Consulting, Innovation Norway, Eversana, Scan MedPartners, and Burkland Associates sponsored the event.

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