Sustainability
Sustainability report 2024 – Summary
Eðalfang, the parent company of BorgSalmon, integrates sustainability into all its operations, focusing onenvironmental responsibility, community impact, and employee well-being. In2024, emissions decreased by nearly 69% (mainly due to improvements inrefrigeration and a reduction in plastic use), with packaging remaining themost significant contributor to the carbon footprint. Investments in technologyhave enhanced efficiency, improved safety, and optimized resource utilization.
The company supports rural communitiesthrough stable employment and sponsorships, holds equal pay certification, andprioritizes diversity and inclusion. Governance ensures transparency throughannual reporting and Key Performance Indicators (KPIs), aligned with the UnitedNations Sustainable Development Goals (UN SDGs) on decent work and responsibleproduction.
Looking ahead, Eðalfang aims to expand itssustainability action plan, enhance measurement frameworks, and continuallyimprove its environmental and social responsibility.
Introduction
Eðalfang believes that the future of high-quality manufacturing and progress in the industry is based on sustainable production that takes into account both the environment and society. Eðalfang's sustainability policy is in line with that vision and is available on the corporation‘s website.
Eðalfang has long emphasized that the companies' products are based on sustainable, high-quality production, as well as providing outstanding customer service. In 2023, the corporation took a strategic step by integrating sustainability into its core operations, further reinforcing these guiding principles.
The corporation's first sustainability report was published in 2022. Eðalfang is now publishing its third sustainability report, presenting the progress of its sustainability journey in 2024, alongside year-over-year comparisons. It also outlines new proposals for expanding the scope of sustainability initiatives and driving continued progress.
Throughout this report, Eðalfang is referred to as “the corporation,” reflecting its role as the parent company of Eðalfisk ehf. in Borgarnes, Norðanfisk ehf. in Akranes, and the real estate company Brimishólmur ehf. Unless otherwise specified, the findings cover the entire corporation.
Operations in 2024 were more stable than in the previous year, which was defined by significant changes, including extensive equipment renewal. These investments have enabled Eðalfang to increase value creation through better utilization of raw materials, reducing waste and enhancing efficiency.
Environment and climate
Eðalfang emphasizes the responsible use of resources and sustainable production, with careful consideration of both environmental and social impacts. This commitment is central to the corporation’s ongoing efforts to systematically integrate sustainability into its operations. Year-over-year comparisons provide valuable insights into current performance and highlight opportunities for further improvement.
Emissions Accounting
Eðalfang continues to monitor its year-over-year emissions, comparing results to identify potential opportunities for improvement. According to the corporation’s 2024 environmental accounts, total emissions amounted to 357.5 tons of CO₂e—representing a reduction of nearly 69% compared to 2023. This significant decrease is primarily attributable to the repair of refrigeration equipment that had previously been leaking refrigerant.
In calculating Scope 3 emissions, the transportation and distribution of oil and electricity* were included. Packaging accounted for the majority of Eðalfang’s carbon footprint in 2024, with emissions measured at 271.3 tons of CO₂e—almost 75% of the corporation’s total. It is also noteworthy that the use of plastic declined substantially following the introduction of a new packaging machine and the replacement of foam plastic boxes with cardboard boxes for transporting salmon fillets between Eðalfisk and Norðanfisk.
Emission Intensity of Sold Products
Because Eðalfang’s operations are primarily driven by the sale of fish products, emission intensity is measured by dividing each subsidiary’s total emissions by its annual product sales. The results are expressed as kilograms of CO₂e per kilogram of product sold, as illustrated in the graph above. Eðalfang sells both domestically and internationally, while Norðanfisk’s sales are exclusively domestic.
Emission intensity is influenced by both the volume of annual sales and the type of emissions, as those from air transport carry a much higher impact than those from shipping. Eðalfang’s combined emission intensity is therefore calculated by dividing the corporation’s total CO₂ emissions by the aggregated sales volume of its two subsidiaries, Eðalfang and Norðanfisk.
Development of Emissions 2022-2024
Social Factors
Eðalfang is committed to further strengthening its contribution to the local environment and the communities in which it operates. Many of its workplaces are located in rural areas, particularly in Akranes and Borgarnes, where the corporation plays a significant role as a major employer. The social value of these operations is therefore considerable, with a direct impact on the vitality and well-being of the surrounding communities.
Eðalfang has a long tradition of community engagement and remains dedicated to supporting local initiatives and associations, including sports clubs and other social organizations.
Human Resources and Well-Being
The well-being of employees is a vital component of Eðalfang’s operations. In this regard, the corporation is pleased to report recent improvements to employee facilities that directly support its human resource priorities. Eðalfang has also achieved equal pay certification, which remains valid until 2026.
The corporation places strong emphasis on promoting equality across its workplaces. As part of this commitment, Eðalfang regularly publishes gender ratio data for both the parent company and its subsidiaries, reinforcing transparency and accountability in its approach to diversity and inclusion.
Communities
Eðalfang has a long-standing tradition of supporting local communities through sponsorships of sports clubs and charitable initiatives. In addition, Norðanfiskur has undertaken various fundraising projects, details of which can be found on the company’s website.
Key Performance Indicators (KPIs)
Governance
The Board of Directors oversees the publication of an annual report on the progress of its sustainability policy. The Board also reviews the policy each year to assess whether updates or revisions are required. This report, published on the corporation’s website, highlights the key aspects of Eðalfang’s operations related to sustainability.
Quality and Control
As part of its commitment to greater transparency, Eðalfang publishes this report along with key performance indicators that enable year-over-year comparisons. The corporation’s strategic focus is on professional operations driven by ambitious goals, closely aligned with its approach to quality management. Eðalfang’s action plan in this area reinforces its quality management practices and is available in more detail on the corporation‘s website
Health and Safety
By renewing equipment and enhancing employee facilities, Eðalfang has improved the overall working environment while also strengthening workplace safety, as the new equipment complies with stricter safety standards than the older systems. Employee safety remains a top priority, supported by a dedicated safety policy that ensures ongoing monitoring and improvement in this area.
The corporation also follows established procedures for incident reporting and risk assessment updates. Significant effort is invested in providing employees with appropriate safety training, with plans to further expand training programs in the coming years to continuously strengthen awareness and preparedness.
Future Vision
Quality management is a key pillar of Eðalfang's operations, as both service and product quality form the foundation of the corporation‘s activities. At the same time, Eðalfang continuously seeks new opportunities for improvement across all areas. In this context, the integration of sustainability into operations marks an important step, as it aligns closely with the principles of quality management.
Eðalfang's vision is for this ongoing journey to extend into more areas of the business, thereby further enhancing the quality of its products and services. To support this goal, an action plan was introduced in 2023 and followed up in 2024 to drive progress toward defined objectives. Looking ahead, the corporation intends to broaden the scope of this plan while remaining attentive to industry developments, particularly those relating to environmental and social responsibility.
Key Performance Indicators (KPIs)
United Nations Sustainable Development Goals (UN SDGs)
Eðalfang‘s sustainability policy is aligned with the United Nations Sustainable Development Goals (SDGs).When the policy was first introduced, two goals were identified as a priority: Goal 8 – Decent Work and Economic Growth and Goal 12 – Responsible Consumption and Production.
8. Decent Work and Economic Growth
Eðalfang is commited to supporting rural communities, contributing to stable employment and sustainable economic growth in the areas where it operates.
Investments in advanced technology and facility improvements further strengthen these communities and lay the foundation for continued development—an effort Eðalfang remains committed to advancing in the future.
12. Responsible Consumptionand Production
The introduction of new equipment has significantly improved product utilization, bringing the corporation closer to its goal of responsible production. A notable example is the new packaging machine, which has already resulted in a substantial reduction in plastic use.
By defining clear key metrics, Eðalfang is able to more effectively monitor its impact on both the environment and society. Looking ahead, the corporation aims to expand its measurement framework in the coming years, providing deeper insights into areas for improvement and ensuring that responsible consumption and production remain guiding principles.
Opportunities for improvement
Eðalfang recognizes that implementing sustainability is a continuous journey rather than a fixed destination. The corporation remains optimistic about the future and sees significant opportunities to further strengthen its efforts in this area.
Eðalfang will continue to carry out its action plan and set new goals, while also considering an expanded scope to build on this foundation. At the same time, the corporation acknowledges that such a transformation requires patience and resilience, and that ongoing opportunities for improvement remain. Its aim is to move forward with purpose, transparency, and openness.