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viable. Companies that prioritize sustainable pra
ctices and CSR are more likely to attract and retain customers in the region.” Raising the S on their sustainability agenda One CSR trend is a shift towards more holistic and integrated CSR strategies that go beyond environmental concerns and address social issues such as diversity and inclusion. Indeed, Mattson suggests that “We have been strong in terms of environmental sustainability. But I would say that the full integration of social responsibility and financial responsibility or sustainability is becoming more and more important.” Delestre agrees, adding “In the Nordics, the ‘social’ part of CSR has been something that has been considered the state’s responsibility, from a company perspective. Now we can see that social responsibility is really something expected by many stakeholders as investors, regulators, and customers. The steadily growing interest for ESG (environmental, social, governance), has pushed companies to raise also the S on their sustainability agendas today.” T he growing focus on social impacts and the need to address social issues, such as inequality, poverty, and access to education and healthcare, is reflected in the increasing number of Nordic companies that are incorporating social impact goals into their sustainability strategies. Mattson points out that “For the pharmaceutical industry, and many other industries, if you ask them how they describe their work in implementing Agenda 2030 on the global sustainability goals, you would have probably a lot of examples of environmental sustainability, but when it comes to social sustainability development goals and perhaps financial sustainability in the long term, these are not as concrete. Once again, I believe that the Nordic region will be one of the leaders because our governments and our authorities are committed to Agenda 2030 and the global sustainability goals.” Delestre believes that, “depending on the company’s size, strategy, or the maturity of its sustainability work, there can be other topics like community engagement, or supply chain responsibility and human rights.” Measuring impact This community engagement can help when measuring and reporting on the social and environmental impact of companies’ operations and products is slightly more complicated according to Delestre. “You can measure the inputs which are very, very simple. You can measure spending and investments, but what would be much more interesting is to measure the outputs. How many people are you reaching with this Leena Delestre, Priciple Sustainability Consultant, AFRY program? What is the best way you can measure the impact? How has the situation improved? Impact measuring will show the true value of your social program,” she says. Many Nordic companies are exploring the use of impact investing and other innovative financing models to support their sustainability initiatives and generate positive social and environmental outcomes. Additionally, Delestre says, “in the life science sector, there are companies whose products or services may have significant benefits on people’s health and well-being, and that is a great opportunity for the company to communicate about those positive impacts". CSR is an integral part of the business strategies for many Nordic companies as they recognise its importance in creating long-term value for stakeholders, with many setting the standard for sustainability and CSR practices globally. According to Mattson, this is a good thing, suggesting that “Some of the leading companies, will take the lead, [and] will hopefully inspire and influence the others to move along too.” Drive progress Despite challenges in implementing some CSR strategies, such as the need for increased stakeholder engagement and the ongoing pressure to balance profitability with sustainability, Nordic companies continue to innovate and drive progress in the CSR space. With a growing focus on social impact and a commitment to transparency and accountability, the future of CSR in the Nordic region looks bright. NLS NORDIC LIFE SCIENCE 75 PHOTO PETER KNUTSON