All posts by Margrethe Harboe

Senate Passes $1T Bipartisan Infrastructure Bill in Major Victory for Biden

Business News, Government

The Senate on Tuesday passed a roughly $1 trillion bipartisan infrastructure deal, a significant win for President Biden and the first step on his top legislative priority.

Senators voted 69-30 on the bill, which was spearheaded by a bipartisan group of senators led by Sens. Kyrsten Sinema (D-Ariz.) and Rob Portman (R-Ohio). Nineteen GOP senators voted with all Democrats to pass the legislation.

The bill is now heading to the House, where it faces an uncertain future and skepticism from progressives. Speaker Nancy Pelosi (D-Calif.) has vowed she won’t take it up until the Senate passes the second part of its infrastructure two step, a sweeping $3.5 trillion spending package that includes Democrats’ top priorities.

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Biden Administration Announces Nearly $5 Billion in Resilience Funding to Help Communities Prepare for Extreme Weather and Climate-Related Disasters

Business News, Government

Today, the Federal Emergency Management Agency (FEMA) is announcing three pre-disaster funding opportunities to help states and communities prepare for major disasters that are costing lives and livelihoods and devastating local communities and businesses. These programs will allow communities to apply for nearly $5 billion to increase their preparedness in advance of climate-related extreme weather events and other disasters, and improve their ability to recover after these events.

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New Offshore Wind Projects Poised to Contribute to Energy Transition

Business News, Energy

Power generation from offshore wind turbines is projected to increase 700% over the next 10 years. Developing local supply chains in Europe and the U.S. will increase efficiency, reduce costs and help drive a green recovery, post-Covid-19.

Global offshore wind capacity is set to surge to over 234 GW by 2030, from 29.1 GW at the end of 2019, according to the Global Wind Energy Council (GWEC). The GWEC forecasts that through 2030, more than 205 GW of new offshore wind capacity will be added globally, including at least 6.2 GW of floating offshore wind. With these projections, it is clear the sector is set to play a leading role in powering both the energy transition and a green recovery following the pandemic. Regions around the world are exploring how they can make the most of the new opportunities created through offshore wind. Global energy consultancy Xodus has led on several recent projects in Europe and the U.S., conducting comprehensive research into how areas can develop and grow local supply chains.
 

Karsten Warholm outduels Rai Benjamin in ‘the best race in Olympic history’

Business News, Entertainment & Lifestyle

TOKYO — Rai Benjamin cleared the final hurdle, and suddenly there the two of them were, Benjamin and a blonde-haired Norwegian whippet called the Terminator, the only man who separated him from forever. They sprinted shoulder-to-shoulder, Benjamin in Lane 5 and Karsten Warholm in 6, each stride an assault on the possible.

Warholm had created a sliver between them, but Benjamin had waited for this moment for two years, since their showdown at the world championships. Benjamin summoned a kick. Warholm summoned his, too, and the margin grew.

Tuesday morning under oppressive humidity at National Stadium, Benjamin broke his rival’s world record. He ended up with the silver medal, because Warholm did so too. Warholm crossed in an astonishing 45.94 seconds, lowering the mark he had set a month ago by .76 seconds. Benjamin finished in 46.17 seconds, which aside from one man would have radically reset the record, too.

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U.S. Will Not Lift Travel Restrictions, Citing Delta Variant, White House Says

Airline / Travel, Business News, Government

WASHINGTON, July 26 (Reuters) – The United States will not lift any existing travel restrictions “at this point” due to concerns over the highly transmissible COVID-19 Delta variant and the rising number of U.S. coronavirus cases, the White House confirmed on Monday.

The decision, which was first reported by Reuters, comes after a senior level White House meeting late on Friday. It means that the long-running travel restrictions that have barred much of the world’s population from the United States since 2020 will not be lifted in the short term.

“Given where we are today … with the Delta variant, we will maintain existing travel restrictions at this point,” White House spokeswoman Jen Psaki said on Monday, citing the spread of the Delta variant in the United States and abroad. “Driven by the Delta variant, cases are rising here at home, particularly among those who are unvaccinated and appear likely continue to increase in the weeks ahead.”

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Norway Replaces Lithuania as Presidency of the Council of the Baltic Sea States

Business News, Politics

The Norwegian Presidency is led by Minister of Foreign Affairs Ms. Ine Eriksen Søreide. Based on the three long-term CBSS priorities, the CBSS reform process concluded in 2020 and the new Vision for the Baltic Sea Region by 2030, the Norwegian Presidency 2021-22 will focus on three overall aims. All of these are relevant in the context of climate action, post-pandemic recovery and region-wide cohesion as well.

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U.S. Steel, Norway’s Equinor Eye Clean Hydrogen Production

Business News, Energy

OSLO, June 29 (Reuters) – Norway’s Equinor (EQNR.OL) and U.S. Steel Corp (X.N) will examine the potential for developing clean hydrogen production in Ohio, Pennsylvania and West Virginia, the two companies said on Tuesday.

The companies have signed a memorandum of understanding to assess the technological and commercial possibilities for hydrogen and carbon capture and storage (CCS) and screen potential customers and suppliers.

Hydrogen, long used as rocket fuel, in oil refining and to produce ammonia, is an opportunity for the oil and gas sector to reduce greenhouse gas emissions, U.S. Energy Secretary Jennifer Granholm said in May.

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Norway’s Statnett Sees Decarbonisation Drive Boosting Power Prices and Demand

Business News, Energy

OSLO, June 30 (Reuters) – Norway’s power grid operator Statnett (STASF.UL) on Wednesday raised its long-term forecast for power demand and prices, partly to reflect increased electricity consumption needed for decarbonisation projects, such as batteries and hydrogen.

Statnett’s updated forecast projected a European carbon price of 70 euros per tonne in 2030, up 35 euros compared with its last report published in October. The benchmark carbon contract currently trades at around 56 euros/tonne.

“Higher CO2 prices result in higher marginal costs in fossil power plants and thus also higher power prices both on the continent and here in Norway,” Statnett said.

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Citi’s Comprehensive US-Nordic Sustainable Investment Perspectives

AmCham News

Citi’s Comprehensive US-Nordic Sustainable Investment Perspectives

AmCham Norway, in partnership with Citi and fellow Nordic AmChams, hosted an information-filled conversation with New York-based Bridget Fawcett, Global Chief Strategy Officer for Banking, Capital Markets and Advisory, and Global Co-Head of Sustainability & Corporate Transitions Investment Banking at Citi on the topic US-Nordic Sustainability Investment: Burgeoning Opportunities.

Fawcett opened by affirming that Nordic transatlantic foreign direct investment is indeed robust, as the Nordic countries combined comprise the 10th largest source of FDI in the US at $120 billion. She then outlined key areas that will continue to create opportunity for closer Nordic-US investment ties, namely within green investments.

Speaker

Bridget Fawcett

Citi.svg

On a New Growth Path

The US is becoming an increasingly attractive market as its energy systems are set to significantly transition in coming years – the country is “on the cusp of a sustainability revolution” Fawcett said. The new, non-cyclical  growth path will drive collective growth opportunities; however, a transition requires models that many do not comprehend – yet. Examples of revolutionizing transitions that are underway in the US include the rise of renewables and clean energy technology, developments within agriculture and food, urban planning, circular economy, social transformation, and digital and financial systems. 

Fawcett illustrated how the path to net-zero by 2050 is facilitated by $70 trillion of capital currently moving to low carbon and transition businesses globally, which in turn, will have an impact on the pace and scale of changes in US. Break-through technologies and innovations are key components for achieving the energy transition. Moreover, data shows that the market is both receptive and demanding of sustainable commitments such as net-zero by 2050. The focus reflects an accelerating shift in attitudes among influential policy makers, investors, corporates, banks, and consumers. One of the main challenges for corporate leaders when making the transition is to consider short-term earnings versus positioning for long-term relevance.

“This is an unprecedented time with substantial opportunity for multinational investment in the US over the next ten plus years, and we believe that the Nordic corporates are incredibly well-positioned because of the innovation that you bring to business, deep sector expertise across many sectors, track-record of investments in the US, and integration into the US broadly across cities.”
Bridget Fawcett, Citi

Longevity & The the Agenda Equalizer

President Biden’s American Jobs Plan, at an estimated $2.3 trillion, is a long-term investment in infrastructure that will support the US’ climate goals and energy transition – aiming to catalyze a range of opportunities including job creation, increase in GDP and propel the growth of new energy systems. As for the longevity of Biden’s sustainable investments, Fawcett described the holistic and comprehensive approach as unprecedented in recent history in terms of the number of investments and commitments that are embedded across all levels of the administration. “This is going to chart the US going forward” Fawcett added.

US Government tax and regulatory policies are in flux, but are necessary to support the energy transition, echoed by corporate leadership who confirm the need for such policies. Joint global sustainability programs, such as The Paris Agreement have proved to be important steps on the path to sustainability. The UN Climate Change Conference “COP26” taking place in November 2021 was described by Fawcett as “the great agenda equalizer,” and will drive the financial sector to address climate change.

According to Citi’s comprehensive perspectives, there are abundant opportunities and incentives for return on sustainable investment in the US over the coming years, and Nordic corporates are well-positioned. Nordic offshore wind, water/waste management, energy systems and urban mobility excellence paired with imminent US “sustainability revolution” is, mildly put, compelling.