How Irish Tech Can Support the Nordic Sustainability Agenda

Sustainability has taken centre stage in global business dialogues, with the Nordic region emerging as a focal point. Notably, Nordic countries are leading the charge in climate policy and sustainable practices. Initiatives such as carbon taxes and ESG reporting have become integral, while consumer preferences in this region now lean toward eco-conscious purchases and employees prioritize sustainability when making career choices. Within the Nordics, companies are taking a wholistic ESG perspective encompassing aspects like emission reduction, social inclusivity, employee well-being, community engagement, transparency, and ethical business conduct. This integrated approach has set the benchmark for driving sustainability efforts forward globally. 

Nordic enterprises are dedicated to forging ESG-focused supply chains, collaborating with partners who share their sustainability vision. A glance at the impressive roster of Nordic multinationals, including tech giants like Spotify, Skype, Minecraft, Klarna, Ericsson, Visma, and Tietoevry, reveals a significant business opportunity for companies that can assist these firms in reaching their sustainability goals. We at Enterprise Ireland Nordics envision great potential for Irish-Nordic collaborations in this realm. Shifting to the Irish context, while the ESG capabilities of SMEs might not be immediately evident, the thriving Irish tech ecosystem gains significant insights from its proximity to global giants like Facebook and Apple. This proximity facilitates the exchange of practices and knowledge, fostering innovative ESG solutions and effective collaboration between Irish SMEs and multinational corporations. Ireland's robust support for tech innovation through research institutes and incubators, coupled with an entrepreneurial culture and skilled workforce, strategically positions Irish SMEs to engage in impactful ESG partnerships with multinational corporations in the Nordics.  

We have already witnessed the adoption of these solutions and work practices by multinational companies in Ireland. A prominent example is Mainstream Renewable Power, which supported Facebook in their commitment to using renewable energy for their data centres. Similarly, Nordic counterparts have also embraced such approaches. Success stories abound for Irish companies providing ESG support to large Nordic firms, like X-Ocean, whose products enabled Swedish company Vattenfall to conduct safer and climate-smart seabed inspections. Drawing from these impactful collaborations and achievements, it's evident that cross-border partnerships are driving innovation on both sides.  

HR tech is an area where Irish companies have product offerings that stand out as a key area of interest in the Nordics. The ability to foster inclusion and diversity, promote employee wellbeing and ultimately increase employee retention are high on the agenda for Nordic firms and companies like Inclusio, Welliba, Realizeit and Workvivo have caught attention in the region. At a recent Enterprise Ireland supported round-table discussion, these firms presented their offerings to some of Sweden’s largest players and were met with interest and an understanding of the positive impact they can have. What we took from the discussion was how this area, despite being of high importance to Nordic firms, is one that lags in terms of application of new technologies and the scope for improvement in multinationals is high.  

Another area where we see Irish companies supporting Nordic firms on their sustainability journey is in fintech. Nordic banks have been recognised globally for building ESG into their business practices and we see Irish fintechs supporting this agenda through efficiency and fraud prevention. Irish firms like Fenergo have been working with Nordic banks to streamline their onboarding processes and compliance with sustainability guidelines, while Daon’s authentication and biometrics products have enabled customers to minimize fraud and theft. Irish company Circit’s audit confirmation and verification services help banks to minimize paper waste and promote environmentally friendly practices. These kinds of solutions are a perfect fit for the Nordic markets, and we see a great opportunity for Irish-Nordic collaboration in banking to continue to grow.  

For Irish companies to take advantage of this huge opportunity with Nordic multinationals, our recommendation is getting into the market physically and meet local businesspeople. The best way to do that, is to join us at one of the events taking place this year that we will be attending. Slush in Helsinki (31^st November-1^st December) presents a fantastic opportunity for Irish companies of all sizes to integrate into the Nordic ecosystem and explore new opportunities. Nordic Fintech Week and Tech BBQ, both taking place in Copenhagen in September represent another great chance to meet with local stakeholders and build your network in the region. If you are an Irish company seeking on-ground assistance from Enterprise Ireland Nordics, or are a local businessperson interested in learning more about Irish tech, please don't hesitate to directly contact Viktor Heide, SMA ICT, at Viktor.Heide@enterprise-ireland.com.