Press Release - Coldwater Prawns of Norway Sustainability report
Date: February 22, 2024
"This gives us a global competitive advantage" - Coldwater Prawns of Norway has reached a new milestone in building a sustainable value chain from sea to table through the company's first ESG report.
"Sustainability is a top priority in our business and high on the agenda every day," says Knut Helge Vestre, CEO of Coldwater Prawns of Norway, “We are very proud of our corporate sustainability report. It showcases our effort and commitment to achieving new goals, and it is publicly available for everyone to view."
The shrimp producer, Coldwater Prawns of Norway has two trawlers, headquartered in Ålesund, and a production facility in Senjahopen, Norway. Deep-sea shrimp is harvested from the Arctic waters around Spitsbergen and Greenland, some of the purest and most nutrient-rich areas on the planet. Apart from the Norwegian market, their shrimp is exported to twenty-three countries in the EU, North America, and Asia.
"Why is this report so important to you, Vestre?"
"First, it's about safeguarding our livelihood, a clean and sustainable ocean."
"Secondly, this is about our relevance and existence in a market that imposes increasingly strict requirements for documentation of sustainable production and products. This report gives us a global competitive advantage."
Demands from customers, investors, and the EU
In January 2023, new sustainability reporting regulations came into force in the EU. The Corporate Sustainability Reporting Directive (CSRD) became effective in January 2024. Sustainability will be a key for competitiveness and market access for the entire seafood industry in the years to come.
Sustainability reports provide an insight into the company’s approach to the environment, climate, social responsibility, and sustainability management. The main purpose is to showcase concrete actions, results, and ambitions in these areas.
"Customers, investors, and authorities are increasingly demanding documentation of sustainable operations," says Sverre Brakstad, export coordinator at Coldwater Prawns of Norway. "Several of our most important customers now request specific information about our sustainability measures. The report is crucial to show that we take this seriously," says Brakstad, “this is not a stack of papers to be put away but documenting an action plan to improve sustainability throughout our value chain."
Start with a materiality analysis:
The sustainability report was written by the recruitment and consultancy firm, Seafood People, who utilized the Global Reporting Initiative (GRI), a recognized framework for reporting on corporate social responsibility and sustainability.
Seafood People advisor, Sofie Remøy, recommends companies start working on sustainability reporting as soon as possible.
"The new EU ruling requires, among other things, that companies conduct a double materiality analysis. The first focus is to identify concrete goals within sustainability to measure, and then implement actions to achieve these goals. Companies must report results and progress annually in these areas," says Remøy.
“We chose Seafood People to create this report, " says Knut Helge Vestre from Coldwater Prawns of Norway, “because of their expertise, international network, and customized approach.
"Each business is unique. We start with an analysis of the company to identify areas where it is natural to begin reporting on various sustainability goals," says Remøy, "the objective is not to create a template and go through an exercise in reporting, but to integrate sustainability into the company's strategy."
Market access and financing
Norwegian seafood companies have a lot to gain by being proactive and leading the way in sustainability.
"If you are early with measuring, reporting, and continuous improvement in sustainability, it will create a solid competitive advantage in years to come," says Per Håkon Stenhaug, CEO of Seafood People. "Companies demonstrating leadership in sustainability will benefit from this in the future. In many ways, it will be a key for competitiveness for the seafood industry and an opportunity for financing from the banks."
Former Minister of Fisheries, Otto Gregussen, and a member of Seafood People’s Executive Network, has a clear message for the seafood industry. ” Sustainability reporting is not a burden but an opportunity,” he says. "There is nothing to wait for. This RGI reports is coming, and it is coming quickly from the EU, the market, and consumers through new requirements and expectations. Sustainability as a strategy becomes a competitive advantage both in the market and in the battle for the best talent for Norwegian companies."
Seafood People partnered with the award-winning global brand agency Kind, who created the sustainability report’s visual layout.
“The report for Coldwater Prawns of Norway presents statistics and facts in a sleek design that grabs attention. This document can be used as part of a provocative sales pitch for this producer, exporter of world-class seafood, showing that they take social responsibility seriously.” according to Gregussen.
A strategic choice and leadership responsibility
Sustainability work is fully integrated into Coldwater Prawns of Norway's business strategy and management.
"Anchoring the strategy and clear ownership from the board has been crucial to succeed in integrating sustainability throughout the organization," says Vestre, “sustainability is about continuous improvement throughout the entire value chain, from sea to table. With our first sustainability report, we can quantify what we are doing and continually set new goals."
According to Vestre, it is important that the initiatives are broadly rooted in the entire organization.
"As a leader, I have a responsibility to show the way, engage, and motivate efforts for sustainability. But it is with all our skilled employees and partners in the value chain that we can truly make a difference. This is an ongoing process for us that we engage in strongly."
Press contacts
Per Håkon Stenhaug, CEO Seafood People AS, Mobile: 415 77 368/ phs@seafoodpeople.net
Knut Helge Vestre, CEO Coldwater Prawns of Norway, Mobile: 908 94 662 / knut@prawnsofnorway.no