Norwegian pension fund provider, KLP, has been ranked as one of only 10 companies in Norway that have demonstrated emissions cuts in line with the Paris Agreement and good climate reporting.

PwC’s Climate Index, published for the third time, maps Norway's largest companies. In the report, six out of 10 of Norway's 100 largest companies said they will not be able to meet the climate targets in the Paris Agreement.

Commenting, KLP director of social responsibility, Heidi Finskas, said: “KLP has been concerned with developing a good methodology for measuring and reporting on emissions from our investments.

“The financial industry has an important role to play in successfully reaching the 1.5-degree target, and it is clear that there is still a need for transparency, standardisation and better climate reporting. KLP will continue to be a driving force behind this.”

She added that no sector alone can stop the climate crisis, and it is only in combination with ambitious and effective climate policy, and massive cuts in the breadth of business, that the world will manage this.

Last year, emissions in Norway decreased by a marginal 0.3 per cent, according to Statistics Norway. In almost all industries there was an increase in emissions, PwC found.

“It is shocking that so many in the business world have lost faith that we will reach the finish line. It shows that there is a great need for transparency and concrete figures to ensure that we actually achieve national targets,” PwC director, Leif Arne Jensen, said.

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