Norway - United States Department of State (2024)

Policies Towards Foreign Direct Investment

Norwegian lawmakers and businesses welcome foreign investment as a matter of policy and the government generally grants national treatment to foreign investors. The Government established “Invest in Norway,” an official investment promotion agency to help attract and assist foreign investors. It provides information, assesses regional opportunities, connects potential investors to relevant networks, and facilitates investment processes, including in the key offshore energy sector. While not a member of the EU, Norway is an EEA signatory and continues to liberalize its foreign investment legislation to conform more closely to EU standards. Current laws, rules, and practices follow below.

Limits on Foreign Control and Right to Private Ownership and Establishment

Norway’s investment policies vis-á-vis third countries, including the United States, will likely continue to be governed by reciprocity principles and by bilateral and international agreements. The EEA free trade agreement, which came into force for Norway in 1994, requires the country to apply principles of national treatment to EU members and the other EEA members – Iceland and Liechtenstein – in certain areas where foreign investment was prohibited or restricted in the past. Norway’s investment regime is generally based on the national treatment principles, but ownership restrictions exist on some natural resources and on some activities (fishing/ maritime/ road transport). State ownership in companies can be used as a means of ensuring national control and domicile for these firms.

Government Monopolies

Norway has traditionally barred foreign and domestic investors alike from investing in certain ‘public’ industries, including postal services, railways, and the retail sale of alcohol. In 2004, Norway slightly relaxed the restrictions, allowing foreign companies to bid on certain commercial postal services (e.g., air express services between countries) and railway cargo services (notably between Norway and Sweden). In 2016, the government initiated a reform of the railway sector leading to the first railway line opening for competition in 2018, with contracts being awarded to British and Swedish operators. The government has a mandate to allow foreign investment in hydropower (limited to 20 percent of equity), but rarely does so. However, the government has fully opened the electricity distribution system to foreign participation; foreign ownership interests are relatively limited, but increasing. Some foreign companies have been granted trading licenses in Norway and there is a growing number of foreign stakeholders that have invested in Norwegian wind and small-scale power production.

Ownership of Real Property

Foreign investors may generally own real property, though ownership of certain real assets is restricted. Companies must obtain a concession to acquire rights to own or use various kinds of natural resources, including forests, mines, tilled land, and waterfalls. Foreign companies need not seek concessions to rent real estate (e.g., commercial facilities or office space), provided the rental contract period does not exceed ten years. The two major laws governing concessions are the Act of December 14, 1917, and the Act of May 31, 1974. The updated 2019 National Security Act includes authority for the government to block foreign investments on national security grounds.

Energy Industries

The Petroleum Act of November 1996 (superseding the 1985 Petroleum Act) sets forth the legal basis for Norwegian authorities’ awards of petroleum exploration rights, production blocks and follow-up activity. The Act covers governmental control over exploration, production, and transportation of petroleum.

Foreign oil companies report no discrimination in the award of petroleum exploration and development blocks in recent licensing rounds. The Norwegian government has implemented EU directives requiring equal treatment of EEA oil and gas companies. The Norwegian offshore concession system complies with EU directive 94/33/EU of May 30, 1994, which governs conditions for awards and hydrocarbon development. Norway’s concession process operates on a discretionary basis, with the Ministry of Petroleum and Energy awarding licenses based on which company or group of companies it views will be the best overall operator for a particular field, rather than purely competitive bids. Recent years have seen a shift in the composition of license holders and operators on the Norwegian Continental Shelf (NCS) as the shelf matures. Although several leading global energy companies, including from the United States, have left Norway as they rearrange their global asset portfolios, several U.S. companies remain active on the NCS.

The Norwegian government has dismantled former tight controls over the gas pipeline transit network that carries gas to the European market. All gas producers and operators on the NCS are free to negotiate gas sales contracts on an individual basis, with access to the gas export pipeline network guaranteed.

Norwegian authorities encourage the use of Norwegian goods and services in the offshore petroleum sector, but do not require it. The Norwegian share of the total supply of goods and services on the NCS has remained at approximately 50 percent over the last decade.

In September 2022, the Norwegian government introduced four legislative tax proposals that introduced a ground rent tax on onshore wind power generation, increased the tax on hydropower generation, and imposed a windfall tax on wind and hydropower in response to soaring electricity prices. U.S. and other investors have expressed concern over aspects of the ground rent tax proposal on onshore wind, which they see as drastic and having negative, retroactive effects in a nascent industry. As of March 31, 2023, the proposals have yet to be enacted by Parliament.

Following the 2022 passage in the United States of the Inflation Reduction Act, there is increasing pressure on the Norwegian government to create similar tax incentives for green investments in Norway. No new policies have been announced as of March 2023.

Manufacturing Sector

Norwegian legislation granting national treatment to foreign investors in the manufacturing sector dates from 1995. Foreign investors are not required to obtain government authorization before buying shares of Norwegian corporations.

Financial and Other Services

In 2004, the Norwegian government liberalized restrictions on acquisitions of equity in Norwegian financial institutions. Current regulations delegate responsibility for acquisitions to the Norwegian Financial Supervisory Authority to streamline the process. Financial Supervisory Authority permission is required for acquisitions of Norwegian financial institutions that exceed defined qualified ownership levels (20, 30 or 50 percent). The Authority assesses the acquisitions to ensure that prospective buyers are financially stable and that the acquisition does not unduly limit competition.

The Authority applies national treatment to foreign financial groups and institutions, but nationality restrictions still apply to banks. At least half the members of the board and half the members of the corporate assembly of a bank must be nationals and permanent residents of Norway or another EEA country. There is no ceiling on foreign equity in a Norwegian financial institution if the Authority has granted permission for the acquisition.

The Finance Ministry has abolished all restrictions on the establishment of branches by foreign financial institutions, including banks, mutual funds, and others. Under the liberalized regime, Norway grants branches of U.S. and other foreign financial institutions the same treatment as domestic institutions.

Media and Entertainment

In 2016 the Media Ownership Act has been abolished; ownership of the media is currently monitored by the Competition Authority. No individual party, domestic or foreign, may control more than 1/3 of the national newspaper, radio and/or television markets without a concession. National treatment is granted in line with Norway’s obligations under the EEA agreement. Broadcasting and audiovisual on-demand services are regulated by the Broadcasting Act which contains provisions on access to broadcasting (obligation to license), rules on advertising, sponsorship and product placement, retransmissions on cable networks, dissemination obligations, and general provisions on the organization of national broadcaster, NRK. The Broadcasting Act is largely based on the European Directive on Audiovisual Media Services 2010/13/EU (AMT Directive).

Investment Screening

Over the past few years, national security concerns have increased with regard to high-risk foreign investments and transactions. A new Security Act entered into force on January 1, 2019, Chapter 10 of which, titled “Ownership Control,” contains rules on the screening and approval of investments and transactions related to Norwegian companies. Each relevant Norwegian ministry decides if the Act should apply wholly or partly to transactions that either: (i) involve classified information, (ii) control information, information systems, objects, or critical infrastructure for national functions, or (iii) are engaged in activities of crucial importance for fundamental national functions. The Norwegian rules on ownership control apply to both foreign and domestic acquirers without discrimination. There is an ongoing process to amend the Security Act to give the authorities a better overview of changes in ownership in Norwegian businesses and clarify the rules for stopping unwanted sales to foreign actors. The government used the Act in March 2021 to block the sale of a marine engine manufacturer to a Russian investor on national security grounds. The Norwegian government set up an interagency taskforce in 2022 to further improve rules and procedures to track investments into high-risk industries that are considered critical to Norway’s national security.

Other Investment Policy Reviews

International Monetary Fund: Norway: 2022 Article IV Consultation- Staff Report: https://www.imf.org/en/Publications/CR/Issues/2022/09/16/Norway-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-523558

The Organization for Economic Cooperation and Development (OECD) conducted an Economic Survey for Norway in 2022: https://www.oecd-ilibrary.org/economics/oecd-economic-surveys-norway-2022_df7b87ab-en

The OECD conducted an Environmental Performance Review: Norway 2022: https://www.oecd-ilibrary.org/sites/59e71c13-en/index.html?itemId=/content/publication/59e71c13-en

And, the OECD also conducted a Peer Review of Norway in 2019: https://www.oecd.org/dac/oecd-development-co-operation-peer-reviews-norway-2019-75084277-en.htm

The International Energy Agency in-depth peer policy review covering climate change, energy efficiency, renewables, energy markets, prices and taxes, regulation and competition, as well as energy technology and innovation. Norway 2022 Energy Policy Review: https://www.oecd-ilibrary.org/energy/norway-2022-energy-policy-review_7411c642-en

The World Trade Organization (WTO) conducted a Trade Policy Review for Norway in 2018: https://www.wto.org/english/tratop_e/tpr_e/tp473_e.htm

Business Facilitation

Altinn.no is a web portal that serves as a one-stop-shop for establishing a company and contains the necessary forms; it also provides an electronic platform for dialogue among the business/industry sector, citizens and other stakeholders, and government agencies. The business registration processes are straight-forward, complete, and open to foreign companies. However, that registration of Norwegian Registered Foreign Business Enterprises (NUF) cannot be done electronically. Guides for establishing a business are available at the following addresses: https://www.altinn.no/en/start-and-run-business/ and https://www.brreg.no/en/other-types-of-organisation/norwegian-registered-foreign-business-nuf/

Outward Investment

The government does not directly incentivize outward investment. However, it acknowledges that for Norwegian companies to be successful, they need to grow in markets and economies that are larger than Norway, so the trade and investment promotion agency, Innovation Norway, has offices in 32 foreign markets, including in Houston, New York, San Francisco, and Washington, D.C. Norway’s Government Pension Fund Global, the second largest sovereign wealth fund in the world, is administered by Norges Bank Investment Management (NBIM). It owns almost 1.5 percent shares of all the world’s listed companies with 43 percent of its investments in the United States.

Transparency of the Regulatory System

The transparency of Norway’s regulatory system is generally on par with that of the EU. Norway is obliged to adopt EU directives under the terms of the EEA accord in the areas of social policy, consumer protection, environment, company law, and statistics.

The Norwegian Accounting Act, in line with EU Directive 2014/95/EU, requires Norwegian public companies and other large companies to publish annual reports on environmental, social, and governance (ESG) factors. ESG implementation is receiving increasing public attention and support, and companies with strong ESG profiles may experience a competitive advantage. Norway introduced legislation presenting social reporting requirements in 2013 through the introduction of section 3-3 of the Norwegian Accounting Act, with reporting requirements going into effect in 2018. In addition, effective July 1, 2021, section 3-3 of the Norwegian Accounting Act was slightly modified to include key ESG factors such as human rights, employee rights, social conditions, external environment, and combatting of corruption, as well as gender equality and non-discrimination.

All draft bills are made available for comment through a public consultation process. The Norwegian parliament, the Storting, exercises legislative power in Norway and must approve all formal laws (acts, directives, and regulations). Draft bills are available at: https://www.regjeringen.no/en/find-document/draft-resolutions-and-bills-/id1753/. Norwegian laws and regulations are available at: https://lovdata.no/info/information_in_english.

Norway’s public finances and debt obligations are transparent. The Government publishes the National Budget and revised budget on the website http://www.statsbudsjettet.no and an annual White Paper to Parliament on the State’s account: https://www.regjeringen.no/no/dokumenter/meld.-st.-1-20222023/id2931224/.

The Ministry of Finance has a webpage on Government debt: https://www.regjeringen.no/en/topics/the-economy/economic-policy/the-central-governments-outstanding-debt/id443404/.

International Regulatory Considerations

Norway is a member of the EEA and as such implements applicable EU directives under the terms of the agreement.

Norway is a member of the World Trade Organization (WTO) and notifies draft technical regulations to the WTO Committee on Technical Barriers to Trade.

Legal System and Judicial Independence

The Norwegian legal system is similar to that of other Nordic countries but does not consist of a single comprehensive civil code. Norwegian law is based on the principle of freedom of contract, subject only to limited restrictions. Contracts, whether oral or written, are generally binding on the parties.

Laws and Regulations on Foreign Direct Investment

Norway welcomes foreign investment as a matter of policy and generally grants national treatment to foreign investors. Ownership restrictions exist on some natural resources and on some activities (fishing/maritime road transport).

A new National Security Act entered into force on January 1, 2019, and provides the legal foundation for enhanced government screening of foreign investments based on national security concerns. Norway’s legal system is robust and trusted.

Competition and Antitrust Laws

Current legislation governing competition went into effect in 2004 and is enforced by the Norwegian Competition Authority (NCA), which is an independent regulatory agency whose activities are based on laws adopted by the Norwegian parliament, the government, and the Ministry of Trade, Industry and Fisheries. Through the EEA Agreement, competition rules mirroring those of the EU are implemented and enforced in Norway. The NCA is authorized to conduct non-criminal proceedings and impose fines, or “infringement fees,” for anti-competitive behavior. The size of the fees may vary according to a number of factors, including company turnover and severity of the offense. The 2004 legislation also empowers the NCA to halt mergers or acquisitions that threaten to significantly weaken competition. Companies planning such transactions are generally obliged by law to report their plans to the NCA, which may conduct a review. However, if the combined annual turnover in Norway does not exceed Norwegian Krone (NOK) 1 billion ($97 million) or the annual turnover of one of the companies is less than NOK 100 million ($9.7 million), notification is not required. The NCA’s decisions may be appealed to the Norwegian Competition Tribunal.

Public Procurements

Pursuant to its obligations under the EEA Agreement, Norway implemented EU legislation on public procurements on January 1, 1994. Norway is also a signatory to the WTO Government Procurement Agreement (GPA). The EEA/EU legislation and WTO agreement oblige Norway to follow internationally recognized, transparent procedures for public procurements above certain threshold values; all related contracts must be published in the Official Journal of the European Union and in the EU’s Tenders Electronic Daily (TED) databank. Norway instituted an electronic notice database more than a decade ago and currently transmits all tender notices electronically through this database to the TED system.

The rules apply to procurement by the central government, regional or local authorities, bodies governed by public law, or associations formed by one or more such entities. In addition, special
rules apply to the procurement by certain entities in the “utilities” sectors of water, energy, transport, and telecommunications.

Public agencies must publish general annual plans for purchases of goods and services, as well as general information on any major building and construction projects planned. No later than two months after a contract has been awarded, a notice must be published stating which company won the contract. All notices must be published in an EU language.

Discriminatory technical specifications may not be used to tailor contracts for a local or national supplier. Any technical standards applied in the procurement process must be national standards that are harmonized with European standards. If no such standards exist, other international or national standards may be applied. All specifications that are to be used in evaluating tenders must be included in the notice or in the invitation to tender.

In general, public procurements are non-discriminatory and based on open, competitive bidding, with the exception, notably, in defense procurements where national security concerns may be considered.

The Public Procurement Complaints Board (KOFA), an independent review body, offers suppliers an inexpensive complaint process for bid challenges. The board can issue “non-binding opinions” and review the legality of the procurement in question. More serious disputes may be taken before the EFTA Surveillance Authority (ESA), or the courts, but such litigation process can be lengthy.

U.S. pharmaceutical companies have complained about unauthorized disclosures of confidential pricing data by the national health care system and its procurement agency in recent years. In November 2022, a Norwegian court affirmed the validity of a tender awarded by the Norwegian hospital procurement agency despite the Public Procurement Complaints Board stating the unauthorized disclosure of confidential pricing data arguably violated trade secret protections. The court’s decision has raised concerns among U.S. pharmaceutical companies that Norway is not taking sufficient steps to ensure that confidential pricing data and other trade secrets will be respected.

Expropriation and Compensation

There have been no cases of questionable expropriation in recent history. Government takings of property are generally limited to non-discriminatory land and property condemnation for public purposes (road construction, etc.). The Embassy is not aware of any cases in which compensation has not been prompt, adequate, and effective.

Dispute Settlement

ICSID Convention and New York Convention

Norway has ratified principal international agreements governing arbitration and settlement of investment disputes, including the 1958 New York Convention and the 1965 Washington Convention establishing the World Bank Group-based International Center for the Settlement of Investment Disputes (ICSID). The UN-based New York Convention requires courts of contracting states to recognize and enforce arbitration awards made in other contracting states.

Investor-State Dispute Settlement

Norway is party to 15 Bilateral Investment Treaties and 32 Treaties with Investment Provisions. The Embassy is not aware of any unresolved disputes between any U.S. investors and the Government of Norway.

International Commercial Arbitration and Foreign Courts

Norway’s legal system provides effective means for enforcing property and contractual rights.

Bankruptcy Regulations

Norway has strong bankruptcy laws and is ranked 5 out of 190 for ease of “resolving insolvency” on the World Bank’s 2020 Doing Business report. According to the World Bank, the average duration for bankruptcy proceedings in Norway is half that of the OECD, at just under a year. A new temporary Restructuring Act entered into force on May 11, 2020, making the judicial restructuring process applicable to companies in financial difficulties. The Act, which was adopted in response to the economic consequences of the global Covid-19 pandemic, replaces the National Bankruptcy Act until July 1, 2023.

Investment Incentives

Norway’s SkatteFUNN research and development (R&D) tax incentive scheme is a government program designed to stimulate R&D; relevant businesses that are subject to taxation in Norway are eligible to apply for tax relief.

For more information, see: https://www.oecd.org/sti/rd-tax-stats-norway.pdf

Foreign Trade Zones/Free Ports/Trade Facilitation

Norway has no foreign trade zones and does not currently have plans to establish any.

Performance and Data Localization Requirements

Norway generally does not impose performance requirements on foreign investors, nor offer significant general tax incentives for either domestic or foreign investors. There is an exception, however, for investments in sparsely settled northern Norway where reduced payroll taxes and other incentives apply. There are no free-trade zones, although taxes are minimal on Svalbard, a remote Arctic archipelago, which is subject to special treaty provisions but administered by Norway. A state industry and regional development fund provides support (e.g., investment grants and financial assistance) for industrial development in areas with special employment difficulties or with low levels of economic activity.

Norway does not require “forced localization,” nor imposes requirements on data storage.

Real Property

Norway recognizes secured interests in property, both movable and real. The system for recording interests in property is recognized and reliable. Norway maintains an open and effective legal and judicial system that protects and facilitates acquisition and disposition of rights in property, including land, buildings, and mortgages.

Intellectual Property Rights

Norway adheres to key international agreements for the protection of intellectual property rights (IPR) (e.g., the Paris Union Convention for the Protection of Industrial Property, the Berne Copyright Convention, the Universal Copyright Convention of 1952, and the Rome Convention). It has notified the World Trade Organization (WTO) of its main IPR laws. Norway’s IPR statutes cover the major areas referred to in the WTO’s Agreement on Trade-Related Aspects of Intellectual Property Rights.

The chief domestic statutes governing IPR include: the Patents Act of December 15, 1967, as amended; the Designs Act of March 14, 2003; the Copyrights Act of May 12, 1961, as amended; the Layout-design Act of June 15, 1990, as amended; the Marketing Act of January 9, 2009; and the Trademarks Act of March 26, 2010. The above legislation also protects trade secrets and industrial designs, including semiconductor chip layout design. As an EEA member, Norway adopted legislation intended to implement the 2001 EU Copyright Directive, though subsequent court cases exposed shortcomings in the legislation (see below).

Patents

Norway was placed on the U.S. Trade Representative’s (USTR’s) Special 301 Watch List in 2008 due to concerns about pharmaceutical patent protection but has not been listed since 2013. Norway is not on the Notorious Markets List.

Copyright

In June 2005 Norway enacted legislation based on the EU’s 2001 Copyright Directive to combat internet piracy, but subsequent court cases showed that the law did not provide sufficient grounds for enforcement. Norway passed a modernized Copyright Act in 2018. The Act clarifies the process for gaining access to infringers’ identifying information and introducing a site-blocking mechanism. Positive developments on the enforcement side are complemented by the growing popularity of legal streaming alternatives like Spotify, Netflix, Apple TV+, Disney+, and HBO.

Counterfeit and Pirated Goods

Norway does not expressly ban imports or exports of counterfeit or pirated goods for private use or consumption. However, import or export for resale or other commercial purpose is controlled by Norwegian Customs and rights-holders are notified of infringements. Customs may seize and hold suspected counterfeit goods for up to five working days, during which time rightsholders may decide to proceed with an injunction or other settlement. If the rightsholder does not pursue the case or respond to the notice, the goods are released to the importer (unless considered harmful). By comparison, Customs officials in the EU have wider powers to seize, hold, and destroy counterfeit shipments. In 2010, Norwegian Customs established an IPR office to coordinate training and increase awareness. In 2015, the Norwegian government launched a new website and an awareness campaign titled “Choose the Real Deal” (velgekte.no).

Enforcement

The Norwegian government does not consider itself obligated, under the EEA Agreement, to implement the EU Enforcement Directive. Rightsholders report that law enforcement authorities have begun to investigate major copyright infringement cases, resulting in the closing of several internet sites facilitating infringement. However, rightsholders contend that the authorities still do not give adequate priority to copyright and internet piracy cases.

Resources for Rightsholders

For additional information about national laws and points of contact at local IP office, please see WIPO’s country profiles at http://www.wipo.int/directory/en/. Norwegian Industrial Property Office: http://www.patentstyret.no/en/. A list of local lawyers is available at https://no.usembassy.gov/services/#local.

Capital Markets and Portfolio Investment

Norway has a highly computerized banking system that provides a full range of banking services, including internet banking. There are no significant impediments to the free market-determined flow of financial resources. Foreign and domestic investors have access to a wide variety of credit instruments. The financial regulatory system is transparent and consistent with international norms. The Oslo Stock Exchange, which was acquired by Europe’s largest stock exchange Euronext in 2019, facilitates portfolio investment and securities transactions in general.

Money and Banking System

Norwegian banks are generally considered to be on a sound financial footing. and the banking sector holds approximately $600 billion in assets. Conservative asset/liquidity requirements limited the exposure of banks to the global financial crisis in 2008-2009. The Central Bank reduced the requirement for banks’ countercyclical capital buffer from 2.5 percent to 1.0 percent in 2020. However, a decision has been made to return the buffer rate gradually to 2.5 percent, effective from 31 March 2023, to strengthen banks’ solvency and mitigate the risk that banks’ lending standards amplify the economic downturn.

Foreign banks have been permitted to establish branches in Norway since 1996.

Foreign Exchange and Remittances

Foreign Exchange

Norway’s currency is the Norwegian Krone. Dividends, profits, interest on loans, debentures, mortgages, and repatriation of invested capital are freely and fully remissible, subject to Central Bank reporting requirements. Ordinary payments from Norway to foreign entities can normally be made without formalities through commercial banks. Norway is a member of the Financial Action Task Force and has a floating exchange rate.

Remittance Policies

See above, no restrictions.

Sovereign Wealth Funds

Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), was established in 1990 and was valued at NOK 12.429 trillion ($1.203 trillion) at the end of 2022. The management mandate requires the fund to be invested widely, outside Norway. Petroleum revenues are invested in global stocks and bonds, and the current portfolio includes approximately 9,228 companies. GPFG owns on average 1.5 percent of those stocks. The fund is invested across four asset classes. The fund aims to invest in most markets, countries, and currencies to achieve broad exposure to global economic growth. Forty-three percent of the fund’s investments in 2022 were in the United States, which is its single largest market. The fund plays an active role in its investments and aims to vote in almost all general shareholder meetings.

In 2004, Norway adopted ethical guidelines for GPFG investments that prohibit investment in companies engaged in various forms of weapons production, environmental degradation, tobacco production, human rights violations, and what it terms “other particularly serious violations of fundamental ethical norms.” In March 2019, the Norwegian government announced that companies classified by index provider FTSE Russell as being in the subsector “0533 Exploration & Production” in the sector “0001 Oil & Gas” no longer would be part of the GPFG portfolio. Investments in renewable and sustainable energy sources as well as oil & gas divisions within a company, may still be included. The fund divested from 74 companies in 2022 following ESG risks assessments. Twenty-five of the divestment decisions involved companies that entered the Fund’s benchmark index during 2022. Altogether, the fund’s management has made 440 divestment decisions since 2012.

On February 28, 2022, as a result of international sanctions against Russia, the Ministry of Finance instructed the fund’s management to freeze all its investments in Russia and prepare a plan for the complete divestment of the fund from the Russian market.

The ethical guidelines also highlight seven positive focus areas in term of sustainability: children’s rights, climate change, water management, human rights, tax and transparency, anti-corruption, and ocean sustainability. The fund adheres to the Santiago Principles and is a member of the IMF-hosted International Working Group on Sovereign Wealth Funds.

Privatization Program

Norway has no current plans to privatize any SOEs.

Additional Resources
Department of State

• Country Reports on Human Rights Practices;
• Trafficking in Persons Report;
• Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to Foreign Government End-Users for Products or Services with Surveillance Capabilities;
• U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises; and;
• Xinjiang Supply Chain Business Advisory

Department of the Treasury

• OFAC Recent Actions

Department of Labor

• Findings on the Worst Forms of Child Labor Report;
• List of Goods Produced by Child Labor or Forced Labor;
• Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World and;
• Comply Chain.

Climate Issues

Norway aims to reduce greenhouse gas emissions by at least 55 percent from 1990 levels by 2030, and to become a low-emission country by 2050. The Climate Act sets the emissions target for 2050 to be reduced by 95 percent and introduces a quinquennial reporting cycle to the Parliament according to the principles of the Paris Agreement. To achieve its climate targets, the Government provides financial incentives to invest in green technologies:

• Norfund (Norway’s development finance organization): https://www.norfund.no/our-impact/energy-climate/
• Enova: https://www.enova.no/about-enova/
• Innovation Norway: https://www.innovasjonnorge.no/en/start-page/
• Nysnø Invest: https://www.nysnoinvest.no/en/about-nysno/

Norway’s International Climate and Forest Initiative (NICFI) is the country’s most important international endeavor to mitigate climate change through the protection of the world’s rainforests. Through the initiative, launched in 2008, Norway has pledged up to 3 billion NOK ($285 million) a year to help save the world’s tropical forests. NICFI is administered by the Norwegian Ministry of Climate and Environment in collaboration with the Norwegian Agency for Development Cooperation.

Norwegian laws, regulations, and white papers on climate and environment can be accessed at: https://www.regjeringen.no/en/dep/kld/id668/.

In 2021, Norway ranked 11th out of 34 countries in the Information Technology and Innovation Foundation’s (ITIF) Global Energy Innovation Index (GEII), which provides a multifaceted assessment of national contributions to the global clean energy innovation system.