Sustainability in Everything We Do
CSRD Reference
E1 - Climate Change
The climate crisis is among the greatest challenges facing the planet, and SalMar is committed to being an active part of the solution. To achieve this, SalMar’s ambition is to lead the development of a more sustainable aquaculture industry by establishing a strategic direction aligned with national and international climate policies, clear priorities, and defining the key factors that contribute to long-term success.
This policy outlines SalMar’s approach to responsible climate management across all business areas. While global food production is a major contributor to greenhouse gas emissions, salmon farming remains one of the most environmentally efficient ways to produce protein. SalMar is committed to reducing energy consumption and minimizing greenhouse gas emissions from its operations, while continuously improving practices to support a low-emission future. This policy outlines not only the Group’s ambitions, but also the concrete actions taken to reduce emissions across all scopes. The purpose of this policy is to ensure that SalMar identifies and manages both positive and negative climate impacts, as well as associated risks and opportunities, in alignment with the Group’s sustainability goals and stakeholder expectations.
SalMar’s Climate Change Policy applies across all business areas. Suppliers, business partners and third parties engaged in activities with or for SalMar are required to adhere to the principles of SalMar’s policies.
The Board of Directors holds ultimate responsibility for the company’s climate strategy, ensuring that climate considerations are embedded in the overall strategy, risk management, and decision-making processes. SalMar’s sustainability strategy is integrated across the organization under the leadership of the CEO and the executive management team, supported by the Head of Sustainability. The sustainability team, under the leadership of the Head of Sustainability, works in close collaboration with management teams across all departments and operational regions. The Head of Sustainability reports to the Chief Strategy Officer (CSO), who is a member of the executive management team.
The Board is responsible for monitoring the Group’s progress toward greenhouse gas (GHG) emission reduction targets and for approving strategies related to climate action. Operational responsibility for implementation and day-to-day follow-up lies across the organization, facilitated by the Head of Sustainability. The Board’s Audit and Risk Committee conduct periodic assessments of both existing and emerging risks and opportunities, ensuring that appropriate responses are in place. Responsibility for identifying and assessing climate-related risks and opportunities in daily operations is shared between the Head of Sustainability and the respective departmental management teams. Findings are systematically evaluated and reported to ensure integration into operational and strategic decision-making.
SalMars GHG emissions are reported in its sustainability statement within the integrated annual report. SalMar’s GHG reporting is conducted in accordance with the GHG protocol as well as the CSRD guidelines. This reporting is audited by an independent third-party.
SalMar is committed to aligning its CapEx and OpEx with its GHG emission targets and has done so through its green bonds and credit facilities. The company’s transition plan is central to the investments made through the allocation of proceeds from the sustainability-linked financing. This is further detailed in the company’s Green Bond Report.
SalMar is committed to addressing climate change as a strategic priority across the value chain. The Group recognizes that its operations both influence and are influenced by climate-related factors, and SalMar takes a clear position on how it will respond to these climate-related impacts, risks, and opportunities.
The following sections outline the Group’s most material impacts, risks and opportunities, along with strategic targets established.
GHG emissions | Current fleet of fossil fuelled vessels | Energy intense smolt production
SalMar recognises its negative impact through the production of greenhouse gas emissions and is committed to reducing these across operations. A key source of emissions is the Group’s current fleet of predominantly dieselfuelled marine vessels, many of which remain early in their operational lifespan. This creates lockedin emissions that challenge SalMar’s nearterm climate targets.
Smolt production also contributes to the Group’s energy footprint. Recirculating aquaculture systems (RAS) are the preferred method due to their controlled environment and reduced freshwater demand, but continuous pumping and water treatment make them energyintensive. Improving energy efficiency and reducing dependency on fossilbased energy sources will therefore be necessary to mitigate the environmental impacts associated with both RAS operations and vessel use.
Low-carbon food production | Low carbon solutions in own operations | Generation of renewable energy
SalMar contributes to lowcarbon food production by farming salmon, which has a substantially lower climate footprint than other widely consumed animal proteins. The Group remains committed to further reducing its emissions by implementing lowcarbon solutions across operations, including transitioning sea sites to onshore electrical power and hybrid energy systems. SalMar is also increasing renewable energy generation, exemplified by the solar installation at the Tjuin smolt facility, where onsite production reduces reliance on fossil fuels and eases pressure on the local grid.
Deforestation and conversion-free feed | Local processing of salmon
A strict commitment to sourcing deforestation and conversionfree feed further strengthens the sustainability of global supply chains and contributes to reduced climate impacts. In addition, SalMar’s strategic emphasis on local processing, rather than exporting whole fish for secondary processing abroad, avoids unnecessary transport emissions and ensures that only edible product is shipped to market, improving overall climate efficiency throughout the value chain.
Climate-related expectations | Carbon Taxation | Extreme weather events | Marine ecosystem disruptions | Dependency on air freight | Availability of feed resources | Energy intensive new production methods
SalMar has identified several climaterelated risks. Unmet climate expectations from stakeholders and expanding carbon taxation may impact reputation, financing and operating costs. Physical climate risks include extreme weather events may threaten operational sites and worker safety, as well as disruptions to marine ecosystems that can affect biological performance and production at sea. Operational risks arise from SalMar’s dependency on air freight and the potential instability in the availability of key feed resources. In addition, new production methods designed to improve biological conditions often require significantly more energy, challenging the Group’s ambition to enhance overall energy efficiency. These risks underscore the importance of integrating both climate mitigation and adaptation into SalMar’s strategic planning.
Increased access to green financing | Increased market access from producing food with low climate impact | Increased use of renewable energy sources
SalMar identifies significant opportunities through increased access to green financing and strengthened market access by producing food with a low climate impact. Growing climate awareness among consumers and investors enables competitive advantages for companies with strong climate performance. Expanded use of renewable energy sources supports both emissions reductions and longterm cost efficiency, further reinforcing these opportunities.
R&D related to feed ingredients with better adaptability to climate change | New production methods better suited for climate adaptation
SalMar sees potential in research and development aimed at improving feed ingredients with better adaptability to climate change. Developing new production methods that are more resilient to changing environmental conditions also represents a key opportunity, supporting both biological performance and longterm operational stability.
SalMar has established GHG reduction targets aligned with the goal of limiting global warming to 1.5 °C, in accordance with the Paris Agreement. The following targets have been validated by the Science Based Targets initiative (SBTi):
| Scope | Target | Time horizon |
|---|---|---|
| Scope 1+2 | 42% reduction | From 2020 to 2030 |
| Scope 3 (non-FLAG) | 42% reduction | From 2020 to 2030 |
| Scope 3 (FLAG)* | 30.3% reduction | From 2020 to 2030 |
* FLAG emissions are GHG emissions originating from Forest, Land and Agriculture-related activities. Such emissions are present in SalMar’s upstream value chain (feed production).
To achieve the Group’s climate targets, SalMar has implemented a range of measures across all emission scopes:
SalMar is actively reducing emissions from its own operations (Scope 1 and 2) by optimizing energy use and investing in renewable energy solutions. A key part of this effort involves fuel switching on barges and vessels, including the transition from diesel-powered vessels and barges to renewable energy sources such as electricity and biofuels. The use of onshore electrical power is also being expanded to reduce reliance on fossil fuels during operations at sea.
In addition, SalMar emphasizes the importance of ensuring that low-carbon energy carriers, such as electricity, are sourced from certified renewable origins, supporting a low-emission energy transition.
Reducing Scope 3 emissions is a critical part of SalMar’s climate strategy. One of the most impactful areas is the sustainable sourcing of feed ingredients, which includes both improving sourcing practices for existing feed compositions and developing new formulations that align with climate mitigation goals. Research and innovation in feed raw materials that lower greenhouse gas emissions without compromising fish health or performance remains a priority.
Another key area is the transportation of salmon products to global markets. SalMar is working to maximize transport efficiency through improved logistics and routing. The company also prioritizes local processing of salmon, which enhances local value creation, ensures optimal utilization of the fish, and significantly reduces the transport of non-food parts. This practice removes multiple trucks from the road each day, contributing to both socio-economic benefits and a reduced carbon footprint.