The Roadmap for Green Competitiveness in the Financial Sector, developed by Finance Norway, Norway's association of financial institutions comprising banks, insurers, investment firms and pension providers, sets the vision of a profitable and sustainable Norwegian financial sector in 2030.
The roadmap has seven general recommendations. These include establishing a common taxonomy for sustainable finance; aligning climate reporting with the Financial Stability Board’s climate risk disclosure recommendations; increasing climate competence and capacity in the financial sector; including climate risk in the Norwegian financial supervisory authority’s mandate; improving collaboration between the financial sector and the authorities; using digitalisation to scale up the market for climate-smart solutions; and contributing to innovation and change in other sectors. Furthermore, the roadmap provides specific recommendations for core business activities of banks, insurers and investors.
The aims of the roadmap are to:
- Inspire the financial sector itself, the authorities, other stakeholders and society by presenting the potential of a profitable financial sector that contributes to the low-carbon transition
- Spread information about the role of the financial sector today and in the transition to the low-carbon economy
- Serve as a platform for dialogue and collaboration on climate issues in the financial sector, and a starting point for decision-making and policy-making