With the launch of NorNAB on September 14th, the foundation for the development of the ecosystem for impact investments in Norway is laid. "We stand on a burning platform, and the deadline is approaching. Now is the time to lift together," says newly elected Chair of NorNAB, Espen Daae.
The Board with GSG Chair. From the left: Jonas Skattum Svegaarden, Maria de Perlinghi, Nick Hurd, Espen Daae, Signe Sørensen, Lars Erik Mangset, Solveig Sundsdal. Not present: Marte Løfman. Photo: Sveinung Bråthen
In 2018, the idea of establishing a Norwegian task force for impact investments began to shape. Fast forward to May 2021, and the task force comprising Wilstar, Grieg Investor, Nysnø, Katapult and Ferd was formed. Since, the task force has worked on building a network of like-minded people, and on February 1st, NorNAB - Norwegian Association for Impact Investments was formally established.
"Both as humans and as investors, we have a responsibility to act, and we have no time to lose. To put the problem in perspective: In 2018, the OECD estimated that the annual financing gap to reach the sustainability goals was 2.5 trillion USD. In 2023, they estimate that the gap has grown to 4.2 trillion dollars," Daae explains.
While these figures might seem staggering, they represent a mere 1.1 percent of the total assets under management. NorNAB is firm in their conviction that, if directed appropriately, capital can become part of the solution.
NorNAB have set their sights high, aiming to create a vibrant ecosystem that facilitates genuine impact investments, ensuring capital is directed to solutions that solve societal and environmental problems. NorNAB is not alone in this belief. Since initiating the membership recruitment in May, they have already grown to 21 members, demonstrating that their vision resonates with a broader community.
NorNAB's members are; Grieg Investor, Oslo Business Region, Nysnø Climate Investments, Katapult, TDVeen, Wilstar Social Impact, Argentum, Impact StartUp, Rambøll Management Consulting, Ferd AS, Sintef TTO & Venture, Cubera Private Equity, Lærdal Medical, Sustainability Hub, Norselab, Oslo Tech, Norfund, Berngaard, SOS Barnebyer, Thommessen and Investinor.