All posts by Margrethe Harboe

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

Pittsburgh To Become Icelandair’s 12th US Destination

Airline / Travel, Business News

The company will also restart flights to Halifax in Canada after years of suspended service.

  •  Icelandair announces new routes to North America, including Pittsburgh and Halifax, expanding its network to over 50 destinations.
  •  The airline will operate four flights a week to Pittsburgh and three weekly flights to Halifax, using their Boeing 737 MAX 8 fleet.
  •  With the addition of three new Boeing 737 MAX 8 aircraft next year, Icelandair aims to continue its growth and capitalize on the strong North American market.

New routes to North America

On November 2, Icelandair introduced its flight schedule for 2024’s summer season, which is being called the company’s most extensive schedule to date. The Keflavik-based carrier will offer flights to over 50 destinations, with three connection banks within the day at Iceland’s main airport.

Icelandair is set to open two routes to North America next year. One is new, and the other is being resumed after years of pause. The company will begin flying to Pittsburgh for the first time. This city will become the company’s twelfth city destination in the United States. With four flights a week, the schedule will be offered from mid-May until the end of October, said Icelandair.

Read full article here. 

How Reversal on Digital Trade Threatens U.S. Workers, Businesses

Business News, Technology

USTR announced it was abandoning the longstanding U.S. approach to digital trade rules. Here’s how this decision will impact American companies and workers.

The administration’s policy reversal on digital trade this week was shrouded in little known acronyms, but the impact on American companies and the workers they employ will be swift and painful.  

This past week the Office of the U.S. Trade Representative (USTR) announced it was abandoning the longstanding U.S. approach to digital trade rules. USTR officials in Geneva announced the U.S. withdrawal of its previous proposals on data flows, data localization, and source code being discussed in World Trade Organization (WTO) negotiations on e-commerce. A USTR spokesman stated that the move was made “to provide enough policy space” for debates about digital trade to unfold. 

In reality, this move will directly harm American workers, invite unfair treatment of U.S. companies, and threaten our competitiveness. Unsurprisingly, it drew powerful bipartisan criticism from Congress and condemnation from the U.S. Chamber and a wide range of business groups. 

 

Read full article here.

EDPB to discuss potential binding decision in Norway DPA’s Meta case

Business News, Communications/PR/Media

The European Data Protection Board will hold a plenary meeting 27 Oct. regarding a potential binding decision on an enforcement action by Norway’s data protection authority, Datatilsynet, against Meta for alleged illegal use of targeted advertising. The regulator is also seeking recognition of its ruling across member states and European Economic Area countries.

Read full article here.

AmCham Sustainability Forum: Ecodesign for Sustainable Products Regulation and DNB’s New Transition Plan

AmCham News

AmCham Sustainability Forum: Ecodesign for Sustainable Products Regulation and DNB's New Transition Plan

AmCham’s recent Sustainability Forum, hosted by Bull & Co Advokatfirma, brought together engaged members for insights on the upcoming EU Ecodesign for Sustainable Products Regulation (ESPR) – as well as for business implications, investor expectations, and regulatory demands in DNB’s recently released Net-Zero Transition Plan.   

Empowering Businesses for Sustainable Compliance

“We advise businesses to evaluate tools that enable them to report on the entire lifecycle of their products, to facilitate compliance with existing and upcoming regulations – such as the Transparency Act and the proposed Ecodesign for Sustainable Products Regulation (ESPR),” explained Magnus K. Hagem, Senior Attorney at Bull & Co Advokatfirma. He highlighted that the Digital Product Passport (DPP) is one new and powerful tool for businesses to be able to take lead in sustainable production and enhance transparency in their operations. The proposed DPP regulation, set to be implemented by 2030, will challenge various industries, and Magnus stressed the importance of making informed choices for businesses.   

DNB's Transition Plan

“Sustainability is an opportunity,” stated Gine Wang-Reese, EVP of Public Affairs & Sustainability at DNB, as she unveiled DNB’s Transition Plan and presented the report in detail to our group. Gine delved into the detailed work and insights underpinning the Transition Plan’s framework, covering aspects from methodology to incentives for businesses. She also discussed the plan’s governance, foundations, metrics, and targets. Gine emphasized that “collaboration is key” in the realm of sustainability and, with identified external dependencies, positioned DNB as a driving force behind the sustainable transition. 

Gine Wang-Reese
EVP Public Affairs & Sustainability

Magnus K. Hagem
Senior Attorney

About Sustainability Forum

Future success is dependent upon running a sustainable business – for people, planet, and profit. Hence, AmCham brings select, cross-industry member company representatives together on an ongoing basis to discuss opportunities, facilitate open exchange and determine how AmCham members can best contribute to Norwegian and US sustainability agendas going forward.

Read more about our Sustainability Forum and please contact Janice.Gundersen@amcham.no for interest in future meetings.

Norwegian offshore wind ports can create billions in value annually by 2030

Business News, Shipping & Offshore

A new report from Menon Economics finds that Norwegian ports investing in offshore wind can generate NOK 8.4 billion in annual value and employ approximately 6,400 people by 2030.

The report was commissioned by Norwegian Offshore Wind, Eksfin, Invest in Rogaland, Invest in Bergen, and Invest in Agder. It’s the first of its kind to analyze the potential of Norwegian assembly and installation ports in offshore wind until 2030.

The study has identified 14 installation and assembly ports with plans to facilitate projects for offshore wind farms by 2030, indicating significant potential for employment and value creation. These ports collectively aim to achieve an annual installation and assembly capacity of 5 GW by 2030, equivalent to approximately 350 wind turbines annually.

-This analysis shows that Norwegian offshore wind bases are ahead of the curve. They see that collaboration is a crucial strategy to harness the vast opportunities in offshore wind, says Arvid Nesse, the head of Norwegian Offshore Wind.

Read full article here.