<p><b>Norwegian businesses can build on their innovation strengths by getting more value from their tech investments and embedding their ESG efforts into the business core.</b></p>

<p>Climate change has dealt a double whammy to Norway. Decades of fossil fuel-driven economic stability have now morphed into a <a href="https://www.nytimes.com/2017/06/17/world/europe/norway-climate-oil.html" target="_blank" rel="noopener noreferrer">fossil fuel paradox</a>: the need to balance sustainability efforts at home while exporting fossil fuel. Meanwhile, melting icecaps in the Arctic have spurred <a href="https://www.csis.org/analysis/geopolitics-and-neglected-arctic-spaces" target="_blank" rel="noopener noreferrer">geopolitical and trade activity</a>.</p> <p>But the impacts of climate change <a href="https://www.lifeinnorway.net/how-climate-change-is-going-to-impact-noway/" target="_blank" rel="noopener noreferrer">extend even further</a>. The country, one of the most innovative in the world, has quickly become a <a href="https://www.weforum.org/agenda/2022/02/europe-overachieving-net-zero/" target="_blank" rel="noopener noreferrer">leader</a> in renewable energy, and is adopting aggressive emission <a href="https://www.business-humanrights.org/en/latest-news/norway-government-announces-new-target-to-reduce-50-55-carbon-emissions-by-2030/" target="_blank" rel="noopener noreferrer">reduction targets</a>. With petroleum accounting for <a href="https://www.bbc.com/news/world-europe-58896850" target="_blank" rel="noopener noreferrer">40% of its exports</a>, however, much more remains to be done.</p> <p>For Norway’s businesses, this means building on their <a href="https://www.activesustainability.com/sustainable-development/nordic-countries-top-sustainability-rankings/?\_adin=02021864894" target="_blank" rel="noopener noreferrer">strong</a> sustainable innovation credentials. Doing so will require them to address challenges around processes and talent constraints, as well as driving greater value from their technology investments.</p> <p>In our work to define what it takes to be future-ready—and how close businesses are to reaching a future-ready state—Cognizant commissioned Economist Impact to conduct a survey of 2,000 senior executives, including 135 from Norway, from across industries and geographies, as well as create a future-ready benchmarking tool (see our full report, “<a href="https://www.cognizant.com/us/en/insights/perspectives/how-to-be-fit-for-the-future-wf1140900" target="_blank" rel="noopener noreferrer">Ready for anything: What it means to be a modern business</a>”).</p> <p>Our own analysis of this data underscores what executives in Norway and globally need to do now to prepare.</p>

<p><i><br> For more, visit the <a href="/content/cognizant-dot-com/us/en/insights/modern-business.html" target="_blank" rel="noopener noreferrer">Modern Business</a>&nbsp;section of our website, or <a href="/content/cognizant-dot-com/us/en/about-cognizant/contact-us.html" target="_blank" rel="noopener noreferrer">contact us</a>.</i></p>