Sustainability

Why is sustainability important?

Sustainability is a key consideration for anyone starting or running a business that aims to stay competitive and relevant in today's market. To operate sustainably, you must consider how your business impacts the environment, society, and the economy - often referred to as ESG (Environmental, Social, and Governance). This is critical for your company's competitiveness, reputation, and access to sustainable financing.
Innovation Norway offers an online course that provides a good introduction to sustainability:

Innovation Norway - introduction to sustainability

How to get started

1. Define your goals: What is most important to your company when it comes to sustainability? Is it to reduce emissions or to improve working conditions?
2. Gather data: Identify how your business affects ESG factors and collect relevant data.
3. Make a plan: Set specific goals for your sustainability work and create a strategy to achieve them.
4. Share the information: Present your sustainability work in annual reports, on your website, or in customer communications.

Integrate sustainability into your business strategy

Sustainability is an ongoing process that requires businesses to adapt to new reporting requirements, trends, and expectations from the market and society. By integrating sustainability across all areas of your business - from production and logistics to customer engagement and investment - you can help create a better future while strengthening your market position.

Examples of sustainable thinking to kick-start your ESG work:
Environment:

• Reusing furniture: Buy second-hand or refurbish old office furniture to reduce waste and resource use.
• Energy-efficient solutions: Install LED lighting and energy-saving appliances to reduce power consumption.
• Reduce paper use: Switch to digital document handling and communication.
• Green transport: Encourage cycling, public transport, or electric vehicles - possibly with employee incentives.
• Waste management: Set up a recycling program for plastic, paper, and food waste at the workplace.

Social responsibility:

• Fair Trade: Source products certified as Fair Trade, such as coffee, tea, or textiles.
• Diversity and inclusion: Ensure equality and diversity in hiring and work actively to include underrepresented groups.
• Employee well-being: Offer flexible work hours, good health insurance, and opportunities for professional development.
• Local involvement: Partner with local organizations to support social projects or offer internships to young people.

Sustainable economy:

• Long-term investment: Invest in technology and projects with long-term returns - like solar panels or energy-efficient equipment - even if they require higher upfront costs.
• Circular economy: Set prices that reflect the true cost of production, including environmental and social impacts.
• Fair pricing: Choose suppliers who follow sustainable practices, both environmentally and socially.
• Supplier responsibility: Choose suppliers who follow sustainable practices, both environmentally and socially.

These actions help ensure your business respects the environment, promotes social justice, and builds a financially sustainable model.

Several industries in Norway have developed roadmaps for green competitiveness, available on the government's website. These describe how greenhouse gas emissions can be reduced to near zero by 2050, while increasing value creation and generating new jobs.