Helping companies understand their impact on nature
ESG Nature Risk seized the opportunity to fully commit to this relatively new area of sustainability reporting: nature risk analysis.
Founder Anders Walberg Nilssen studied industrial economics and economics with a focus on sustainability at the Norwegian University of Life Sciences (NMBU). In 2022, he completed an internship at Equinor, a company aiming to be among the leaders in sustainability reporting.
- They are really 'on the ball' and committed to mapping how the supply chain affects nature. That was the first time I had heard about the issue.
Coding in your spare time
That same year, the UN held its biodiversity summit in Montreal, which resulted in the agreement known as the Global Biodiversity Framework.
'We have long seen a ‘green wave’ coming, with a strong focus on climate impact and CO2 emissions. 22 December 2022 marked an important step towards giving nature its own ‘Paris Agreement’,’ says the founder.
The Global Biodiversity Framework and several EU directives gave Nilssen a valuable opportunity to work in an exciting and important field.
«I started coding a computer model in my spare time while I was studying. Then I met my co-founder, Tom, and we discussed a potential project on a beach in Ghana. We decided to start a company when we returned home.»
STUD-ENT grant was crucial
Through a sole proprietorship, they applied for Startup grant 1 for the project. They had contacts at Elkem and wanted to learn more about the industrial company's strategies for protecting nature.
- They joined a pilot project funded through our Startup grant. Elkem was pleased with the delivery, and we saw an opportunity to apply for STUD-ENT funding.
The company received NOK 1 million through the STUD-ENT scheme earlier this year and is now working to improve and streamline its data model. ESG Nature Risk already has several paying pilot customers. The goal at this stage is to formalise customer agreements.
«I have to give the STUD-ENT scheme some credit. It’s a great initiative! Many students have good ideas and strong expertise, but limited funds. This grant has been crucial for us.»
We are impressed by the startup.
'They have submitted strong applications and have already demonstrated their ability to deliver. The product they are developing will address an important problem, and we look forward to following the project as it progresses,' says our Senior Adviser Ingrid Døskeland.
A busy and rewarding working day
ESG Nature Risk's solution collects, structures and analyses nature data from various databases. The model typically uses data about the company's operations and local conditions that need to be considered. It then translates the data so that people without a background in biology can understand and report on it.
'The company may be releasing heavy metals and planning to start a project near a river where mussels are particularly sensitive to this type of pollution. Our solution can identify nature-related risks so that the company can take action,' says Nilssen.
From 2026, small and medium-sized enterprises will also be required to report on their impact on nature and biodiversity. This means the start-up's potential customer base will grow. ESG Nature Risk aims to become Europe's leading analytics tool in this field within a few years. In other words, there is little time to rest on its laurels, and Nilssen admits that life as an entrepreneur is demanding.
'Our days are extremely busy, but it is rewarding when we feel we are delivering value to our customers. It is great fun to help solve important global challenges.'