Sustainable development consists of three dimensions: environment and climate, economy and social conditions. Sustainable companies practice social responsibility, and through this will be able to strengthen their reputation, increase their room for action and gain a competitive advantage by complying with new demands and expectations from customers, authorities and the financial industry.
Corporate social responsibility is about how value is created and how companies run their core business. Companies that do not take active measures can be exposed. There are already examples of how the inability to manage the environment, climate, HSE, equality and labor rights in a sustainable way has led to both damage to the brand and loss of market value.
Magnus Legal aims to help companies succeed, and in recent years sustainability has become an important factor for success. We have therefore put together a team of lawyers who are extra passionate about helping our clients with their sustainability goals.
On 1 July 2022 the Transparency Act went into effect in Norway. The legislation requires larger enterprises to monitor and control the impact they have on social conditions. The legislation will also have an indirect impact on small and medium sized businesses. In the event of a breach, the Norwegian Consumer Authority can impose fees, prohibitions and injunctions.
More about the Transparency Act
The goal of this guide is to inform businesses of all shapes and sizes about the environmental and financial benefits of operating in a green and sustainable way. In 2015 the United Nations (UN) presented their 17 Sustainable Development Goals. Number 13 was the call for Climate Action. The official wording of this goal it to:
“Take urgent action to combat climate change and its impacts”.
In this guide we will focus on the 13th goal, as it is relevant for all companies, regardless of size.
The European Green Deal is the path of sustainability that the European Union will pursue in the next decades
The EUs new climate law was adopted on June 24th 2021. Through this new law, the EU is aiming to achieve its goal of becoming climate neutral by 2050.
The screening criteria are comprehensive and might seem overwhelming. However, they will be effective in the EU as of 2022 and will therefore be of great importance for companies within the EU.
The Norwegian government and certain private organizations are granting subsidies to companies who can document an eco-friendly way of doing business.
Businesses that satisfy the requirements for sustainability will have improved access to loans and financing. In addition, they will receive better terms and conditions from the financing institutions.
See our blog: EU taxonomy: Sustainability becomes a prerequisite for finance
We divide our sustainability work into three parts; we reduce our own environmental footprint, we contribute to a socially beneficial project and we assist our customers with their sustainability issues.
Christian Fredrik Magnus, founder and Chairman - Magnus Legal
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