The finance sector should see the possibilities with green finance and take a more significant role in the green transition. That was the message from Norwegian minister for environment and climate Vidar Helgesen at a breakfast meeting hosted by Finansforbundet Norway and PWC last week.

He was invited together with Klas Eklund, Senior Economist Sustainability at SEB to discuss green finance and FSU-NO and PWC’s new report on the opportunities for the Norwegian financial sector in green economy.

Norwegian financial institutions should take on a more significant role in the green transformation said Helgesen at the meeting and highlighted Storebrand as a good example. Storebrand has successfully managed to brand themselves as having a sustainable approach to investments according to Helgesen. Klas Eklund also emphasized the opportunities of embracing the green transition.

– The focus on green growth could build a greater sense of confidence for a sector that has been suffering from bank bashing since the outbreak of the financial crisis, said Klas Eklund.

Eklund proposed that the employees could act as agents, channelling capital to the right type of green projects and at the same time meet the demands from customers seeking more sustainable financial products.

The newly launched report highlights the potential for commercial growth for Norwegian financial institutions, how national authorities can stimulate green growth and how changes in customers’ demands for sustainable financial products can have the potential to change the character of financial products and services.

Read the full report here (in Norwegian).