##dly. if the transition to a low - carbon economy is unsuccessful, changes in climate will likely harm a number of sectors, such as agriculture and tourism. while examining sector - level data on emissions represents a useful first attempt to gain insight into exposures to transition risks, it is an overly simplistic approach. far more granular information is needed on the exposures of individual counterparties to transition risks, which may vary sharply across companies even within narrowly defined sectors. mandatory and harmonised 1 / 4 bis central bankers'speeches firm - level reporting would enable better pricing and monitoring of financial firms ’ exposures to climate - related risks. private sector efforts have demonstrated the difficulties for investors in assessing exposure. for example, market data providers have developed environmental scores for financial institutions according to the quality of their disclosure. but there is little correlation between the scores from different providers, signalling significant discretion in environmental scoring. there is some evidence of these scores having an impact on price - to - book ratios for insurers, but not for banks, perhaps reflecting a better understanding of insurers ’ exposure to physical risks. 4 recent analysis of the 12 largest banks and 14 largest insurers in the euro area shows that information on financial institutions ’ climate - related risks is scarce and inconsistent. while a majority disclose the impact of their business travel, commuting and other energy usage, most of a financial institution ’ s exposure to climate - related risk likely stems from its financial activities. only five of these large banks and insurers partially disclose the impact of their financial assets, and none of them provide full disclosure. 5 that is why regulators have pushed for much greater disclosure. in 2017, the financial stability board ’ s task force on climate - related financial disclosures ( tcfd ) issued recommendations for comparable and consistent disclosures about the risks and opportunities of climate change. this work should help companies understand what financial markets want from disclosure and encourage firms to align their disclosures with investors ’ needs. it is clear that before making it mandatory we need to determine what constitutes high - quality disclosure. the network for greening the financial system ( ngfs ) – a group of central banks, supervisors and international organisations – has also recently issued recommendations. 6 unless disclosures improve, market discipline is unlikely to incentivise financial institutions to address transition risk. in this regard, the work currently undertaken by the european commission to develop a taxonomy is crucial. the taxonomy lays down criteria for identifying activities that actively

prices have continued to rise. debt growth remains high. the economic upturn has continued this year. high petroleum investment, the international upturn and higher commodity prices have boosted output and earnings in the manufacturing sector. statistics norway ’ s business tendency survey indicates continued favourable prospects for norwegian manufacturing. activity is expected to increase in service industries and the construction sector in the near term. capacity utilisation in the norwegian economy now appears to be close to a normal level. in manufacturing, capacity utilisation is close to its historical average. according to norges bank ’ s regional network, about 40 per cent of companies will have some or considerable difficulty in increasing production. even though growth in the norwegian economy has been high for a long period, substantial pressures have not yet emerged in the labour market. the rise in the number of employed in the first half of the year was fairly modest in relation to output growth. this may be due to lagged effects of the sharp fall in sickness absence through 2004. in many companies, the large increase in available person - hours was probably not fully utilised immediately. a considerable share of output growth may be the result of improved utilisation of company workforces. according to the quarterly national accounts, employment rose by 0. 5 per cent from the first half of last year to the same period this year. measured by the 1 / 7 labour force survey ( lfs ), the number of employed rose by 12 000 from may to june and by a further 2 000 from june to july. the use of foreign labour has increased in the year that has passed since the enlargement of the eu. the scope is relatively moderate, but appears nonetheless to have reduced bottleneck tendencies in some industries where demand has increased sharply. traditionally, many workers from our neighbouring countries have contributed when the labour market in this country has been tight. in 2001, close to 30 000 persons resident in sweden were employed in norway for all or part of the year. swedes who have registered as residents of norway come in addition. an increased supply of labour from new eu member states to norwegian enterprises may lead to a higher - than - normal increase in potential output for a period. many of the foreign workers work for a shorter period in norway without being employed in a norwegian enterprise. examples include foreign contractors and self - employed in the construction industry who carry out various building projects in norway, as well as others who carry out other types of projects. aker kværner, for example,