Climate change has dealt a double whammy to Norway. Decades of fossil fuel-driven economic stability have now morphed into a fossil fuel paradox: the need to balance sustainability efforts at home while exporting fossil fuel. Meanwhile, melting icecaps in the Arctic have spurred geopolitical and trade activity.
But the impacts of climate change extend even further. The country, one of the most innovative in the world, has quickly become a leader in renewable energy, and is adopting aggressive emission reduction targets. With petroleum accounting for 40% of its exports, however, much more remains to be done.
For Norway’s businesses, this means building on their strong 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.
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, “Ready for anything: What it means to be a modern business”).
Our own analysis of this data underscores what executives in Norway and globally need to do now to prepare.