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Climate Advisory Board

The Climate Advisory Board will act as an advisory forum for Norges Bank Investment Management with respect to our climate action plan and broader management of climate risk and opportunities.

The main responsibility of the Climate Advisory Board is to: 

  • Advise on Norges Bank Investment Management’s approach to managing climate-related risks and opportunities, including the implementation of its climate action plan
  • Advise on sustainable finance and climate risk developments
  • Advise on the exercise of Norges Bank Investment Management’s ownership rights and the appropriate approach to companies, including on voting and dialogue, related to climate risk
  • Advise on Norges Bank Investment Management initiatives to develop market standards on climate risk, including approaches to regulators and other standard setters
  • Advise on the development of Norges Bank Investment Management’s expectation document and other policies on climate risk
  • Assess and evaluate Norges Bank Investment Management’s climate-related activities, results and reporting against our governing documents and international best practice 

The Advisory Board consists of the Chief Governance and Compliance Officer and four externally appointed advisors. The Chief Risk Officer, Chief Investment Officers, and the Global Head of Corporate Governance are invited to attend the Advisory Board deliberations. Other Norges Bank Investment Management representatives will join on an ad hoc basis.

External advisors

Professor Jody Freeman

Jody Freeman is the Archibald Cox Professor of Law at Harvard Law School, and a leading scholar of administrative law and environmental law. Jody served as Counselor for Energy and Climate Change in the Obama White House in 2009-2010. She founded and directs Harvard Law School's Environmental and Energy Law Program. Jody is an independent director on the board of directors of ConocoPhillips, where she is an advisor on climate change and the clean energy transition. She has also served on the Advisory Council of the Electric Power Research Institute, counselling the electricity industry on technology gaps.

Jennifer Morris

Jennifer Morris is Chief Executive Officer of The Nature Conservancy, a global conservation organisation that partners with communities across the globe to overcome the barriers to climate and biodiversity solutions. Jennifer was previously president at Conservation International (CI), where she developed some of CI’s most enduring programmes, partnerships, and innovative strategies using business development as a tool to protect nature for the well-being of humanity. 

Huw van Steenis

Huw van Steenis is a Vice-Chair and Partner at Oliver Wyman. In this role, Huw advises investors and financial institutions to assist them in their efforts to capture opportunities and mitigate risks posed by the transition to a lower carbon economy. Previously he was Senior Advisor to the Chief Executive of UBS and Chair of the Sustainable Finance Committee. Before this, he was Senior Advisor to Mark Carney when he was Governor at the Bank of England, leading the van Steenis report, which made a series of recommendations, including climate scenario exercises for banks and insurers.

Bjørn Otto Sverdrup

Bjørn Otto Sverdrup serves as Chair of the Executive Committee of the Oil and Gas Climate Initiative (OGCI) since 2021, a CEO-led initiative that aims to accelerate the industry’s response to climate change. Bjørn Otto is also a member of the Board of the OGCI’s US$1 billion-plus Climate Investments fund. Bjørn Otto was Equinor’s Senior Vice President for Corporate Sustainability 2015-2021, leading Equinor’s sustainability and climate work. He was heavily involved in developing the company’s climate roadmaps and net zero ambitions and plans. Bjørn Otto is employed by Equinor ASA. 

Last saved: 04/05/2023

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