Faroe Islands: Faroese businesses join forces to prioritise sustainability

NordenBladet – Eleven Faroese businesses have agreed to work together on creating a joint sustainability strategy. The purpose of the business-led initiative is to provide a platform which supports the business sector to transition to a sustainable economy.

The three-year trail project, titled “Burðardygt Vinnulív” (also referred to as the Faroese Sustainable Business Initiative), aims to advance sustainable business practice and contribute towards UN Sustainable Development Goals such as climate action.

Regin Jacobsen, CEO of founding member company Bakkafrost, says: “We are excited about the possibilities that lay ahead. Although we are a diverse group of companies, we do share certain sustainability challenges in common and we are all committed to addressing these. We hope this initiative will create meaningful collaboration opportunities between us which will accelerate our progress on these issues.”

Marita Rasmussen, Director of The Faroese Employers Association, says: “We are very much looking forward to following the progress of this initiative. Faroese businesses should be thinking about the fast-changing social, environmental and economic context they are operating in. This initiative could be a catalyst for them to become fit for the future.”

By advancing their management approach to key sustainability risks and opportunities together, the members aim to improve their response and advance progress to issues such as climate change, collaboratively. Later this year, the network of businesses will announce a joint plan focussed on three key issues.

The eleven founding member businesses are: Bakkafrost (salmon aquaculture), Betri Bank (bank), Effo (fuel), Faroe Ship (logistic and transport), Føroya Tele (telecom), JT Electric (marine equipment), KJ Hydraulik (maritime services), MBM (dairy producer), Poul Michelsen (wholesale), SMJ (engineering consultant) and Vónin (marine equipment).

Other countries have similar networks, including Skift Norge in Norway whose mission is to accelerate the transition to a low-carbon economy and support the Norwegian government in delivering on its national climate commitments by 2030.