AKVA group ASA
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:2209 tCO2e/year (Scope 1 and 2, location-based)
Scope 1 Emissions:1740 tCO2e/year
Scope 2 Emissions:469 tCO2e/year
Scope 3 Emissions:34430 tCO2e/year (limited to plastic and steel purchases and waste)
Renewable Energy Share:70%
Total Energy Consumption:27277 MWh/year
Waste Generated:2244 tCO2e/year (from net washing)
Carbon Intensity:0.64 tons CO2e per million NOK revenue (2023)
ESG Focus Areas
- Climate and environment
- Innovation
- People
- Society
- Business ethics
Environmental Achievements
- Developed the world’s first recycled pen based on discarded pens from fish farming
- Established an innovation project with the aim of developing circular farming nets using recycled nylon and ropes from discarded nets from fish farmers
- Commercialized the deep farming solution Nautilus for lower lice pressure and better fish health
- Further developed waterborne feeding systems with effective energy systems for new and existing feed barges
- Reduced copper oxide use by 79% in the last four years.
- Recycled 1,424 tons of nets, regenerating 854 tons of nylon filaments for reuse in 2023.
Social Achievements
- Improved gender balance to 35.2% women (from 34% in 2022)
- Voluntary employee turnover rate at 12% (from 19% in 2022)
- 98% of office, leading, and client-facing employees had individual employee appraisals with a focus on well-being, development, and performance.
Governance Achievements
- Carried out a double materiality assessment to identify which sustainability matters are most material to our organization and our stakeholders.
- AKVA group’s ESG report for 2023 is made with reference to the Global Reporting Initiative (GRI) standard.
Climate Goals & Targets
Medium-term Goals:
- Reduce GHG emissions by 35% by 2030.
- Achieve a revenue of minimum BNOK 3.6 in 2024 and an EBIT margin of 4-5%.
Short-term Goals:
- Establish a complete Scope 3 GHG accounting during 2024.
Environmental Challenges
- Introduction of resource tax negatively impacted activity level for Land Based and parts of Sea Based business.
- Market for post smolt in Norway remained challenging and uncertain.
- High cost base in Land Based compared to current activity level.
- Low profitability on parts of the project portfolio in Land Based.
- High investments in Digital impacting profitability.
- Climate change affecting production, transport, and supply chains.
- Political risks in Chile and Canada regarding fish farming licenses.
- Uncertainty in Norway regarding the newly implemented resource tax.
Mitigation Strategies
- Announced a new cost-saving program in Q3 2023, completed in Q4 2023, resulting in estimated MNOK 45 in annual cost savings.
- Developed alternative sourcing strategies (recycled materials).
- Continuous monitoring of developments and input to relevant committees and hearings.
- Investing and improving solutions in Sea Based, Land Based, and Digital.
Supply Chain Management
Responsible Procurement
- Increased use of recycled materials
- Collaboration with suppliers on reducing environmental impact
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events
- Sea levels and temperatures
- Algae blooms
- Raw material availability
Transition Risks
- Increased customer focus on climate accounts
- Regulations on raw materials
Opportunities
- Development of energy-efficient products
- Deep farming solutions
Reporting Standards
Frameworks Used: GRI
Certifications: ISO 14001
UN Sustainable Development Goals
- Goal 7 (Affordable and clean energy)
- Goal 9 (Industry, innovation, and infrastructure)
- Goal 12 (Responsible consumption and production)
- Goal 13 (Climate action)
- Goal 14 (Life below water)
Sustainability promises are closely linked to the UN SDGs.
Sustainable Products & Innovation
- Recycled HDPE pens
- Deep farming solutions (Nautilus, TubenetTM, Opticage)
- Hybrid energy solutions for feed barges
- Waterborne feeding systems