Speech/statement | Date: 17/06/2022 | Office of the Prime Minister
Mr. President, Excellencies, our agreement in Glasgow was clear: We must urgently strengthen efforts to stay below 1.5 degrees. We must revisit our NDCs and strengthen them if they are not aligned with the Paris Agreement. We must increase adaptation and climate finance.
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Let me turn directly to what we are discussing today – ways to strengthen global climate action:
First, Norway is pleased to join the Global Methane Pledge Energy Pathway. Norway has done away with flaring in our own oil and gas production. We are now assisting other countries to follow suit. We offer technical assistance and support the World Bank’s Global Gas Flaring Reduction Partnership. Building on experiences from Norway and elsewhere, we can bring down methane emissions from oil and gas production by more than 90 %.
Second, we need to assist countries to make a just transition to renewables. Norway has established a new Climate Investment Fund. Our aim is to mobilise approximately 10 billion USD to invest in renewable energy in developing countries with large emissions from coal. We know there is a lot of private capital waiting to be deployed once we get the right incentives in place.
Third, we need to decarbonize shipping by 2050. Norway aims to half its emissions from domestic shipping and fisheries by 2030, and we are well on the way. Along with the US, we are happy to invite others to join the Green Shipping Challenge and take part in a cooperative effort towards zero emission shipping.
Finally, the war in Ukraine has aggravated an already strained global food security situation. Norway therefore increases our support for local value chains in food production, including key input factors such as fertiliser. We support the proposed Global Fertilizer Challenge, which will improve nutrient management and increase fertilizer efficiency.
In conclusion, at COP27, we all need to show that we are fulfilling our commitments from Glasgow. I commend the US and other participants in this forum for putting out concrete initiatives to make this possible. Norway supports these initiatives. They will strengthen global climate action and ensure a successful outcome in Sharm el-Sheik.