Project: Assessing the Nature-Related Dependencies, Impacts, Risks and Opportunities of Norwegian State-Owned Enterprises
Client: Norwegian Ministry of Trade, Industry and Fisheries
Location: Norway, Worldwide
Objective: The Norwegian State holds direct ownership interests in approximately 70 enterprises and has recently strengthened its expectations that these companies identify, manage and report on nature-related risks. However, compared to climate, most companies have limited experience responding systematically to nature-related expectations. The Ministry of Trade, Industry and Fisheries (MTIF) commissioned a comprehensive study to review nature risks across 16 state-owned enterprises (SOEs), spanning 11 sectors. Among the companies included are listed companies such as DNB Bank, Equinor, and Norsk Hydro, and wholly owned companies such as Statkraft, Posten Bring and Yara International.
Our role: Sustain Value is delivering this project in partnership with RSM Norge and will act as the Technical Lead. The study has two components. First, a screening of all 16 SOEs for their most material nature-related dependencies, impacts, risks and opportunities (DIROs). This is supplemented by a maturity assessment of each company's approach to identifying, managing and reporting on nature. Second, a best practice review synthesising guidance from leading frameworks, producing sector-specific case studies and reviewing up to 20 of the most relevant tools for nature assessments. The results will be summarised in a public report and presented to MTIF in Oslo in September.
Outcome: The study will provide MTIF with a robust evidence base on the nature-related risk profile across its ownership portfolio, informing the state's owner dialogue with companies and its follow-up of expectations for their work with nature. A potential option for conducting more detailed assessments of priority SOEs is a possibility for a second phase of the project.