Smart Salmon launches first ESG impact report and strategy for land-based salmon farming

Smart Salmon has released its first environmental social governance (ESG) and impact report for its land-based salmon facilities expansion plans in Norway and France.

Set against other sustainability reporting from the conventional salmon farming sector, Smart Salmon is an early adopter of ESG reporting in the land-based salmon sector. Its newly-released ESG report also details Smart Salmon’s ESG strategy, which provides the business with a formal and measurable structure to deliver its commitment to create a positive environmental impact.

Commenting on the report, Smart Salmon Chief Executive Officer, Petter Bakke said:

“Our ESG document outlines our strategy towards our goals. It provides a clear roadmap of how we can minimize our impact on the environment, deliver social value and support society. It is a key strategic goal to ensure that our actions fulfill our social purpose and our vision: contributing to the global supply of healthy and climate smart food.

“The Smart Salmon team has a strong history of salmon farming in Norway. We have been early adopters of new technologies and my brothers were among the first pioneers in the Norwegian salmon farming industry. We have created this document to highlight our projected sustainability levels and to pinpoint areas where we still will have to improve. The document further details our ultimate ambitions of being benchmarked against our stakeholders and the public. We are proud to be farmers and excited about the future of aquaculture”.

Smart Salmon has leveraged the advice and guidance of an independent organization, Hatch Blue, a company active in venture capital and innovation consulting in the aquaculture sector.

Director of Hatch Innovation Services Tanja Hoel said:

“We see the tide turning for controlled environment aquaculture using recirculating aquaculture systems (RAS) as it represents a food production system that can use scarce natural resources in more efficient ways. Currently, salmon farming is primarily carried out in open-net pens or cages in coastal zones. While the global demand for salmon continues to increase despite high salmon prices, growth in conventional salmon farming in the sea is seen as limited, mainly due to licensing constraints and biological challenges. Consequently, limited supply growth is the main push driver towards RAS projects globally.

“We see an increasing interest from investors in supporting a sustainable development of the global aquaculture industry. ESG is high on the agenda, accelerated by the UN’s Sustainability Goals and the EU’s Taxonomy. It has been great to work with the Smart Salmon team and see their dedication to setting a new standard of sustainable practices with land-based farming.”