Case study points way to reporting nature risks

Grieg Seafood has joined forces with the World Wildlife Fund and the Norwegian Institute of Nature Research to show how companies can report nature-related risks in aquaculture.

Together with the WWF and Norwegian financial service company, Storebrand Asset Management, Grieg has published a case study, Nature-related risk reporting for investors, to show how currently available information on salmon farming can be used to inform investors in the salmon farming sector about the impact of a company’s operations on the natural environment.

The project set out a framework for reporting and has also identified a number of areas of possible improvement such as a lack of comparable quantitative metrics.

The methodology presented in the case study has the potential to encompass all aquaculture species globally, including the most common species like shrimp, tilapia and salmon.

Grieg Seafood CEO Andreas Kvame said: “We believe food from the ocean can be a part of the solution, but only if we do it right and responsibly.

We recognise that we depend on ecosystem services to operate, and also that our production has an impact on nature. This case study has been a learning experience on how nature-related risks are relevant to us. “

He added: “Grieg Seafood remains committed to reduce our footprint and better fish welfare by improving existing operations and by developing new farming technologies. Understanding and mitigating nature-related risks is key to achieve these goals, and with this case study and our engagement with TNFD we have started on that journey.”

Jan Erik Saugestad, CEO of Storebrand Asset Management, said the global economy depended on the services provided by nature: “Companies and financial institutions need to properly understand nature risks to make good business decisions. This pilot project shows how companies can provide meaningful data on their impacts and dependencies on nature. As an investor, this kind of reporting helps us assess risks and opportunities and channel our investments into the most sustainable companies.”

Karoline Andaur, CEO of WWF Norway, said “nature risk” was a concept gaining traction in the business and finance world.

And Norunn Myklebust, CEO of Norwegian Institute for Nature Research said the nature-risk concept represents an interesting, but complex and challenging, approach for evaluating the risks or threats on businesses from nature and the risks to nature from businesses.