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Norway’s financial sector produces 2030 roadmap to support a low-carbon, sustainable economy

In 2015, world leaders agreed on ambitious targets to reduce greenhouse gas emissions through the Paris Agreement on Climate Change and a 2030 global development agenda through the UN Sustainable Development Goals. To contribute to these global goals, several industry groups in Norway developed roadmaps for green competitiveness in 2016. In this vein, the Norwegian financial sector has produced its own roadmap, catalysing a shared ambition on its role in supporting the transition to a low-carbon, sustainable Norwegian economy.

The EEA agreement – vital to Norwegian financial services – but no smooth sailing

The EEA agreement ensures Norwegian access to and rights in the internal market for everything except fish and farm produce. For insurance and other financial services, it affiliates the small Norwegian market with the internationally known and acknowledged rules of the single market, provided that the rules are implemented into Norwegian law in the same way that EU members implement the acquis. Thus, Norwegian insurers get the clear and certain legal framework needed, albeit without being able to influence it.

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