Sustainable and responsible business

Climate and environment reporting

The submission of a climate report to our owners for the first time in 2022 marks a watershed with respect to how we approach understanding and reducing our impact on the external environment.

Innovation Norway’s head office and the regional offices are Eco-Lighthouse certified, and a dedicated guide for sustainable operations provides guidelines and strengthens the company’s basis for decision-making within operational matters such as property and equipment management, travel, and procurement. The report covers the entire organisation, including both national and international offices.

The company’s travel policy was updated in 2022 to emphasise that environmental factors must be taken into consideration when assessing both the need for travel and the manner in which required travel takes place. This is in line with the guidelines in the travel agreements for public entities that were renegotiated in 2022, and which place an emphasis on environmental factors.

In 2022, work commenced on a project concerning future reporting on relevant climate and nature-related risk for Innovation Norway. This work will continue in 2023.

Compliance with the Transparency Act

Innovation Norway is governed by the Norwegian Transparency Act, which entered into force on 1 July 2022. In 2022, we conducted our first due diligence assessment to identify, assess, and manage the risk of adverse impacts on people, society, and the environment. The due diligence assessment covered both the requirements relating to social issues in the Transparency Act, as well as environmental, social, and governance (ESG) risks.

The purpose of the assessment was to identify, assess, and manage the risk of adverse impacts on people, society, and the environment that may be associated with Innovation Norway’s activities. The due diligence assessment is designed to ensure that Innovation Norway has an overview of potential areas of risk and challenges related to its activities.

The conclusion from the due diligence assessment was that Innovation Norway generally has a large number of measures in place. However, there is potential for improvement in some areas and the due diligence assessment suggests measures for mitigating identified risks. Overall, the due diligence assessment gives Innovation Norway a chance to improve its practices in areas that could have a material impact on people, society, and the environment.

Innovation Norway is now in the process of implementing the proposed risk mitigation measures identified in the due diligence assessment and will continue to monitor and evaluate its progress. We will conduct an updated due diligence assessment in 2023 and publish a report on our website before the end of the second quarter 2023.