WWF, Storebrand, Norwegian Institute of Nature Research, and Grieg Seafood have launched a case study to tackle nature-related risks in aquaculture. The study wants that aquaculture companies report on factors that might constitute nature-related risks for companies and financiers.
As explained in a press release, all have explored how currently available information on salmon aquaculture can be utilized to inform investors in the seafood sector on key nature-related risks. Such as the impact on biodiversity or water quality.
In addition, the project has identified areas for improvement. Such as a lack of comparable quantitative metrics, definitions, and a framework for objective reporting on dependencies. Consequently, the method has the potential to encompass all aquaculture species globally. Including the most common species like shrimp, tilapia, and salmon.
Andreas Kvame, CEO of Grieg Seafood ASA, has recognized that companies depend on ecosystem services to operate. Also, that their products can have an impact on nature. Through this study, they have learned experience how nature-related risks are relevant to us.
Besides, he added: "Grieg Seafood remains committed to reducing our footprint and better fish welfare. By improving existing operations and by developing new farming technologies. Understanding and mitigating nature-related risks are key to achieving these goals. With this case study and our engagement with TNFD we have started on that journey."
On the other side, Jan Erik Saugestad, CEO of Storebrand Asset Management, said: "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. Also, channel our investments into the most sustainable companies."
Moreover, Karoline Andaur, CEO of WWF Norway, confirmed that this pilot "demonstrates that it is already possible for a company to start reporting useful information on its nature-related risks". Andaur confirmed they want to inspire more companies and financial institutions.
Finally, the CEO of the Norwegian Institute for Nature Research, Norunn Myklebus, mentioned that this pilot project can be seen as "an important first step against the development of a more general system". With the purpose of "assessment of nature risk, that could be highly relevant and useful for a range of stakeholders".
Grieg Seafood also participates with The Science Based Targets Initiative. It released a new guide for seafood companies that promotes emissions reductions targets.