We have decided to increase our ambition regarding our climate commitments. To ensure the health of our planet and society, Grieg Seafood aims to reduce its carbon emissions significantly in the coming years. Our target will be submitted to the Science Based Target (SBT)* initiative, to ensure its validity. We will also update our SBT with a FLAG target that ensures our responsibility of reducing climate emissions related to forest, land and agricultural changes by the end of the year.

By the end of 2024, we must report in line with the EUs Corporate Sustainable Reporting Directive. This directive requires companies to disclose its commitment to a 1.5-degree climate target. It also challenges companies to provide a low carbon transition plan in line with this target. We will start updating our current climate action plan in line with our newly adjusted target. We will increase our focus on addressing the sustainability issues of feed raw materials, high emission transport to market and eliminating our operational dependence on fossil fuels.

The latest IPCC sixth assessment report indicates adverse ocean warming effects if we do not reach the 1.5 degrees target. Contributing to achieve this target might be one of the most important strategic decisions ocean-based aquaculture are facing. Without a healthy ocean, there will not be a sustainable aquaculture industry. Our industry is highly dependent on the ecosystems services that a healthy ocean is delivering; both in stable sea temperatures, and by ensuring viable wild stocks of fish. This is the responsibility that we share today. By this strategic change, we show our commitment to a sustainable aquaculture industry today, and in the future.