Climate Policy

Valid from 11.04.25

This policy for managing climate risk and climate-related issues has been developed based on the allocation letter from the Ministry of Trade, Industry and Fisheries (NFD) to Export Finance Norway (Eksfin).

Principles for decisions on financing

The main principle is that projects receiving financing must contribute to the transition goal for 2030 and support Norway’s ambition to become a low-emission society by 2050.

This means that Eksfin should primarily promote exports and investments that contribute to the reduction of greenhouse gas emissions, either in Norway or globally. Products and services that do not directly reduce emissions, but are necessary in a low-emission society, may also be financed. It is assumed that greenhouse gas emissions from the projects are in line with the recipient countries’ own commitments under the Paris Agreement.

Guidelines for financing projects in oil and gas.

During COP28 in Dubai in December 2023, Norway joined the “Statement on International Public Support for the Clean Energy Transition.” The statement, initiated during COP26 in Glasgow, declares that signatory countries will cease public financing for fossil energy projects without carbon capture technology, except in limited and clearly defined cases that align with the 1.5°C target and the goals of the Paris Agreement.

These guidelines are used to assess whether an oil and gas transaction can be financed by Eksfin in light of Norway’s commitment to the declaration.

Principles for managing climate risk and opportunities

Eksfin shall safeguard the state’s assets and has a long-term balance goal of breaking even.

In a world that, according to the UN, is heading towards at least 2.5 degrees of global warming, climate risk will increasingly affect and add to other risks that Eksfin assesses in managing its loan and guarantee portfolio to protect the state’s assets.

Eksfin shall identify and manage risks and opportunities related to climate and integrate these into the company’s strategies. Climate risk is integrated into financial risk assessments and risk reporting, on par with other risk parameters for Eksfin. New opportunities for Norwegian exports arising from climate change will be identified and followed up by Eksfin.

Reporting obligations

Eksfin will report on direct and indirect greenhouse gas emissions, as well as climate risk, and will use recognized standards for reporting on greenhouse gas emissions and climate risk.

Eksfin will implement this gradually, aiming for reporting in accordance with the standard starting from the year 2025.