Business delegation to showcase Norwegian solutions to the climate crisis

We are organising Norway's business delegation to the climate summit for the second time. This year's delegation is slightly smaller than the one that attended COP 28 in Dubai last year, but the goal remains the same:

• Show how Norwegian businesses contribute to the ambitions of COP 29 and the Paris Agreement.
• Generate interest in Norwegian climate-friendly solutions.
• Support partnerships that address the climate crisis and drive the transition to a low-emission society.
• Greater dialogue, engagement and understanding of the role and contribution of business in climate action.

More specifically, the business delegation is in Baku to discuss solutions and financing mechanisms for renewable energy, carbon capture and storage, and emissions reductions in the maritime sector.

‘To tackle the climate crisis, we need investment from businesses, as well as their technological expertise and ability to innovate and scale. That is why businesses need to be present where solutions to the climate crisis are being discussed,’ says Eli Bleie Munkelien, head of our delegation.

The business delegation to COP 29 comprises Altera Infrastructure, DNV, Equinor, Höegh Autoliners, Norsk Hydro, the Norwegian Shipowners' Association, the Research Council of Norway, Ruden, SKM Market Predictor, SLB Capturi, Statkraft, Worldview International Foundation and the Hurtigruten Foundation.

CEO Knut Arild Hareide of the Norwegian Shipowners' Association says shipping generates significant emissions, but is also an important part of the solution. Next year, the member states of the UN's International Maritime Organization (IMO) will negotiate measures to help the shipping industry achieve its goal of climate neutrality by 2050.

'We are in Baku to call for the IMO to introduce a marine fuel standard and a levy on greenhouse gas emissions from international shipping. The revenue from such a levy could be reinvested in measures to reduce emissions in the maritime industry,' says Hareide.

Anders Melhus, Head of Government Affairs at Altera Infrastructure, believes that taking part in the climate summit is essential to help develop global solutions to climate change. He points out that Norway must not only cut future emissions, but also reduce the CO2 already in the atmosphere.

'Norway has a unique opportunity to store large volumes of CO2 from Europe, but to make this a reality, governments must create a predictable regulatory framework while businesses develop innovative solutions. Altera is now building future-ready infrastructure for transport and permanent storage through Stella Maris CCS,' says Melhus.

This year's climate summit has been dubbed the 'finance summit', as one of the key negotiating goals is to agree a new global climate finance target. This will replace the target set at the 2015 Paris climate summit of providing USD 100 billion for climate action in developing countries, which was reached in 2022.