In response to “Swedbank” initiative, Latvian companies in several sectors established the Business Sustainability Council in August this year, with the aim to share knowledge, promote objective, reasoned and respectful discussion on sustainability issues, and work on joint sustainability projects and initiatives that enable systemic change. Latvian companies such as “Latvijas dzelzceļš”, “Latvijas mobilais telefons”, medical company “ARS”, “Madara Cosmetics”, “Valmiermuiža”, “Dobeles dzirnavnieks”, Latvian grain growers’ cooperative “Vaks”, peat extraction and processing company “Laflora”, as well as “Latvijas Finieris” have joined the Business Sustainability Council.

By setting clear sustainability goals and directions for action in their companies, the members of the Business Sustainability Council also signed a joint commitment during the festival “Lampa”. For example, speeding up the reduction of greenhouse gas emissions, investing in the circular economy, energy efficiency and other environmental and climate protection measures, and investing resources to understand and assess the impact of products or services on environment and climate and to report on progress in tackling climate change and reducing environmental impact by regularly reviewing targets while avoiding green deception.

“Many thanks to the management of Swedbank for the initiative to create joint discussion platform. Climate change is mostly presented in a very emotional way and accordingly perceived. However, in order to follow sustainable change, at the same time balancing human well-being with environmental protection and economic growth, we should base on objective calculations, not emotions.”

“I therefore believe that we have a duty to engage in a debate on these issues and to maintain a balance in society with the flow of information that is currently being shaped in a very sharp, even offensive, way to redistribute narrow, financial and influential interests.”

Uldis Biķis, Chairman of the Supervisory Council of “Latvijas Finieris.”

“Latvijas Finieris” has been focusing on sustainability issues for a long time. This is well confirmed by the investments in the gradual replacement of gas with wood chips in the production of heat energy, the progress made in the development and promotion of wood construction, as well as the purposeful reduction of the share of fossil resources in all company processes. For example, in the resin used in the production of “Latvijas Finieris” birch plywood, fossil phenol is significantly replaced by natural, renewable lignin, thus significantly reducing the carbon footprint of the final product.

“There is no doubt that for us as a global society, changes aimed at sustainability will generally require extremely large financial resources.’

“Of course, every person, every company has its own possibilities and priorities. But we cannot delay making decisions. That is why it is important to make very prudent investments and also to follow the responsible use of money in the public sector, which contributes to the well-being of the whole society. Money that is spent quickly, only on an emotional basis, may not bring the desired return.”