The Faroese Sustainable Business Initiative has been shortlisted at the edie Awards 2023 in the ‘Partnership and Collaboration of the Year’ category. The initiative is a CEO collaboration with 12 companies in the Faroe Islands with a vision “to lead the green transition through collaboration, action and engagement for system change.”
According to a statement from the Faroese Sustainable Business Initiative, during the first year of working together, results that have been achieved include: reducing combined CO2e emissions by 17 percent; making over 50 commitments to reduce impacts on nature; and launching the nation’s first ESG (environmental, social, governance) reporting standard.
“The Faroese Sustainable Business Initiative has had a significant impact on Faroese society,” outgoing Prime Minister Bárður á Steig Nielsen said. “As well as demonstrating the resourcefulness of our business community, it has influenced the way sustainability is perceived in general. Most importantly, however, it will undoubtedly have a lasting impact on policy decisions. The initiative was an inspiration for the government’s Forum for Sustainable Growth, and in particular the report ‘Grønari hinumegin’ (Greener on the Other Side), which includes 42 proposals, and which is likely to shape the green transition in the Faroe Islands over the coming decade.”
The twelve founding companies of the initiative are: Bakkafrost, Betri Banki, Effo, Faroe Ship, Føroya Tele, Gist og Vist, JT Electric, KJ Hydraulik, MBM, Poul Michelsen, SMJ, and Vónin.