STATE OF SUSTAINABILITY IN NORWAY 2021
We are delighted to present the findings of our fourth annual State of Sustainability Survey!
This year we engaged 100 respondents across the Norwegian business landscape, including some of Norway’s largest companies, to provide the details of their organization and state their perspectives on key sustainability questions. The qualitative answers we received have provided this State of Sustainability Survey with unique insights into the State of Sustainability within specific sectors. As we approach our 5 year anniversary these answers will allow us to reflect on both the achievements and future objectives of our networks, so as to scope out a common strategy for supporting the transition to sustainable business in Norway beyond 2022.
In the meantime, we hope this year's survey gives you insight on the sustainability journey of Norwegian businesses, while provoking practical ideas on how to resolve the sustainability challenge and make business inherently sustainable.
We are delighted to present the findings of our fourth annual State of Sustainability Survey!
This year we engaged 100 respondents across the Norwegian business landscape, including some of Norway’s largest companies, to provide the details of their organization and state their perspectives on key sustainability questions. The qualitative answers we received have provided this State of Sustainability Survey with unique insights into the State of Sustainability within specific sectors. As we approach our 5 year anniversary these answers will allow us to reflect on both the achievements and future objectives of our networks, so as to scope out a common strategy for supporting the transition to sustainable business in Norway beyond 2022.
In the meantime, we hope this year's survey gives you insight on the sustainability journey of Norwegian businesses, while provoking practical ideas on how to resolve the sustainability challenge and make business inherently sustainable.
DOWNLOAD THE REPORT
EXECUTIVE SUMMARY
ARE WE MAKING ENOUGH PROGRESS?
Norwegian businesses were this year nearly unanimous in responding that they have integrated sustainability as part of their vision, purpose and core strategy, marking a desire to move beyond a focus on compliance and ethics. The 2021 findings also highlight increased engagement from leadership, with executive management displaying a strong commitment to sustainability (81% of respondents agree). This enhanced commitment has had a positive impact on key stakeholders, with the majority of respondents stating that employees feel the strongest connection to their organization as a result of the company’s sustainability focus.
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The level of competence among companies has improved slightly, but there is a growing number of laws and regulations bearing down on organisations. In response to this, survey participants feel that a smaller percentage of those in management (10% in 2021 vs 14% in 2020) and leadership positions (6% in 2021 vs 10% in 2020) have the level of expertise (or “very high competence”) to carry through those commitments.
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This competence gap may explain why nearly half (47%) of companies have not yet committed to net zero or zero harm frameworks.Together with a lack of measurement between finance and sustainability performance, the findings show that more progress is still needed.
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“One thing worse than a lack of progress
is the illusion of progress”
Calum Revfem, Director, The Governance Group
NEED TO CONNECT SUSTAINABILITY WITH BUSINESS
Evidence demonstrates that sustainability offers value when managed as integral to the business. Indeed, the majority of Norwegian companies surveyed (87%) state that sustainability is integrated into their core business strategy. However, despite this raised ambition the survey shows that only 30% of those businesses see a strong link between sustainability and financial performance.
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The concept of sustainability is maturing among business leaders, with more companies acknowledging potential effects such as improved brand value, cost savings, or higher company valuation. The survey further indicates a strong willingness (87%) by almost all companies to invest more into sustainability opportunities in the next three to five years. This changing landscape, supported by regulatory developments in finance, should help to tap into the unused commercial potential of sustainability and help amplify the business case for action. |
“Gjensidige so far has not received much interest or
effort from our investors or analysts. I believe that things can
change substantially going forward”
Jostein Amdal, CFO, Gjensidige
THE NEED FOR MORE COMPETENCE (competence gap)
The gap between sustainability specialists and both executive and middle management has grown even larger this year, indicating that middle management is a key area to build competences in.
Only a third (35%) of companies report having enough competent employees to work with sustainable business. These relatively low levels of competence reveal a mismatch between companies’ ambitions and the capability to achieve them.There is a lot of know-how to be built up by companies, most urgently in the areas of sustainability reporting and impact measurement.
Our engagement with the S-HUB networks has highlighted the important role that tech and digitalisation will play to support the transition to sustainability. The roles of CPOs, CFOs, alongside sustainability professionals, will continue to expand and take on broader responsibilities. This indicates a need for organisations to allocate investment to training on tech solutions that can provide greater data, both internally and across the company value chain, to support greater transparency, sustainability reporting and impact measurement.
Our engagement with the S-HUB networks has highlighted the important role that tech and digitalisation will play to support the transition to sustainability. The roles of CPOs, CFOs, alongside sustainability professionals, will continue to expand and take on broader responsibilities. This indicates a need for organisations to allocate investment to training on tech solutions that can provide greater data, both internally and across the company value chain, to support greater transparency, sustainability reporting and impact measurement.
“Despite high commitment, there is still a weak level of
competence across organizations to meet the high ambitions
of sustainability from the top management”
Christel langebrekke, CEO, Personalhuset
Interested in becoming a member of S-HUB?
Find out more about joining S-HUB and connecting through our activities with a community of organisations engaged in sustainability transformation then please click here:
Find out more about joining S-HUB and connecting through our activities with a community of organisations engaged in sustainability transformation then please click here:
ABOUT THIS SURVEY
Sustainability Hub Norway (S-HUB) has a yearly study on the state of sustainability in Norway. For the fourth consecutive year, this study dives into the sustainability efforts of Norwegian companies.
The purpose is to get more understanding on how Norwegian companies work practically and strategically with sustainability, and how sustainability has evolved over time.
This year we engaged 100 respondents across the Norwegian business landscape, including some of Norway’s largest companies in November 2021. The respondents either worked specifically with sustainability or with sustainability as a part of their overall job description. The respondents were preselected based on last year’s survey and the Sustainability HUB network. The findings may therefore be biased to include more companies actively working with sustainability than are proportionally present in the Norwegian business landscape.
The purpose is to get more understanding on how Norwegian companies work practically and strategically with sustainability, and how sustainability has evolved over time.
This year we engaged 100 respondents across the Norwegian business landscape, including some of Norway’s largest companies in November 2021. The respondents either worked specifically with sustainability or with sustainability as a part of their overall job description. The respondents were preselected based on last year’s survey and the Sustainability HUB network. The findings may therefore be biased to include more companies actively working with sustainability than are proportionally present in the Norwegian business landscape.