We need standardization
We spoke with Thina Saltvedt, Chief Analyst at Nordea and a member of Terravera’s Advisory Board, who believes one of the biggest challenges facing the industry is the lack of ambition among politicians. At the same time, she emphasizes the importance of more companies taking the leap and testing the Terravera platform as a universal sustainability tool.
“The way things are going right now, there isn’t enough momentum. Companies are poised and ready to move, but sluggish regulations, frameworks, and legislation slow the overall process. Politicians could certainly set more ambitious goals,” says Saltvedt.
“After the climate summit in Egypt, it’s clear we’re nowhere near meeting our greenhouse gas reduction targets—yet we keep raising them. It doesn’t add up. What we need is better reporting, higher-quality data collection, and modeling so we can compare results and highlight the real challenges,” she continues.
Saltvedt also notes that many companies find sustainability work somewhat draining. Hiring in this area is extensive and resource-intensive, particularly in IT and compliance.
Fear of a Reporting Free-for-All?
“I hope not. When new rules are introduced, there’s always some chaos at first. I think, as time goes on, we’ll find simpler ways to determine the types of data we need. Once that’s sorted, we can form an overview. There are countless providers of analysis services—Financial Times recently mentioned 500–600 different ESG analysis providers. It’s tough to know which solution is right.
“What we need is standardization. With a common standardized tool everyone can use, that would help us make decisions. Terravera is such a tool, accessible to all, organized as a public-benefit foundation.”
Why Are You Involved with Terravera?
“I think it’s exciting, and I see the need for research- and fact-based data that can be standardized. There’s a huge volume of information to process, and that information needs to be grounded in facts. One purpose, among others, is that we want to meet the 1.5-degree target. What we need are solid measurements that show how companies are actually performing. At the same time, it has to make sense and be logical—and that’s exactly where Terravera is so important.”
How Can Terravera Help Solve These Challenges?
“We’re already seeing this approach gain traction in industries like property and textiles. I’ve seen specific examples where a building is set up as a digital twin to plan things like material needs, etc. During the construction phase, sensors were installed to make it easier to ‘follow the recipe’ and ensure everything went according to plan.
“Clothes are also modeled as a digital twin before being produced, avoiding all sorts of gaps between design and production. I’m sure there are many other examples,” Saltvedt adds.
“I absolutely think everyone should be using modeling. This data-driven approach also works well in circular contexts, helping you keep track of material flows. There’s also the dimension of taxonomy and future reporting. With circular models, you can design, for example, a building or a ship that accounts for circularity from the beginning, covering everything from waste management to resource conservation.
“At the same time, we may not have all the answers yet—there’s also the social and governance aspects to consider. But it’s important to start,” Saltvedt says.
It’s Time to Get Started
What’s crucial now, according to Saltvedt, is to begin. Start measuring and collecting data. Large companies have already begun, but for small and medium-sized enterprises, this can be particularly resource-intensive. For them, Terravera is a platform that can streamline this work. Combining different data sets is challenging for everyone—taxonomy primarily hits the big players, but small businesses also need to deliver on these requirements. Reporting obligations affect everyone, directly or indirectly.
“I think it’s fantastic to find a common method for reporting. Terravera is important for simplifying how it’s done. At Nordea, we’re hiring more and more people without a finance background, which says a lot about the changes we’re in the midst of. We want sustainability expertise—every company should have it. But having a practical tool is going to be increasingly important. Terravera can definitely help with something that is extremely time-consuming,” she says.
“My advice is: just get started,” Saltvedt concludes.
