IFF Partners with Environmental NGO Bellona to Restore Norwegian Seaweed Forests

Rhea-AI Summary

IFF (NYSE: IFF) announced a partnership with NGO Bellona to restore seaweed forests in northern Norway, aiming to restore 5,000 square kilometers of seaweed forest by managing invasive sea urchin predation. The regrowth of the forests could increase biological carbon sequestration by 12 million tons, equivalent to Norway’s total oil and gas industry emissions in 2021. The project reflects IFF’s commitment to environmental, social, and governance efforts, with a focus on sustainable solutions. IFF will provide financial support and expertise in seaweed management over a three-year period, aiming to help meet Norway’s climate change objectives and grow its marine economy.

Positive

• Partnership with NGO Bellona to restore seaweed forests in northern Norway
• Aims to restore 5,000 square kilometers of seaweed forest
• Regrowth of forests could increase biological carbon sequestration by 12 million tons
• Reflects IFF’s commitment to environmental, social, and governance efforts
• Financial support and expertise in seaweed management provided over a three-year period
• Aims to help meet Norway’s climate change objectives and grow its marine economy

Negative

• None.

Environmental Economist

Seaweed forests play a critical role in marine ecosystems and carbon sequestration, which has direct implications for environmental economics. The restoration of 5,000 square kilometers of seaweed forest by IFF, in partnership with Bellona, could potentially sequester 12 million tons of carbon. This figure is equivalent to Norway's oil and gas industry emissions in 2021, indicating a significant contribution to the country's climate change objectives.

The economic implications of this project extend beyond carbon sequestration. Sustainable seaweed harvesting can diversify and strengthen the marine economy, potentially making it one of Norway's largest contributors to marine industries. This aligns with global trends towards green economies, where environmental restoration projects are increasingly recognized for their economic benefits alongside their ecological importance.

However, the long-term success of such initiatives depends on the effectiveness of invasive species management and the viability of the seaweed market. The economic impact will be more pronounced if the project successfully establishes a model for ecological restoration that can be replicated in other regions facing similar ecological challenges.

Marine Biologist

From a marine biology perspective, the re-establishment of seaweed forests is a vital initiative for biodiversity and ecosystem health. Seaweed forests are not only a carbon sink but also serve as habitats for a multitude of marine species. The invasive sea urchin predation has led to 'urchin barrens,' which drastically reduce the biomass and diversity of marine life.

Effective management of these urchins is key to restoring the seaweed forests. The scientific and research communities' involvement in the NoMaRe project is essential to develop and implement scientifically proven urchin removal schemes. Success in these efforts can lead to a rebound in native species populations and a healthier marine ecosystem, which is critical for the sustainability of marine resources and industries.

Sustainability Analyst

IFF's involvement in the NoMaRe project reflects a growing trend of corporate sustainability initiatives that align with a company's core business. As a user of seaweed-derived products, IFF's commitment to sustainability and marine restoration demonstrates corporate responsibility and strategic alignment with environmental goals.

By investing in the restoration of seaweed forests, IFF is contributing to its 'Do More Good Plan,' which could enhance the company's brand reputation and potentially lead to long-term cost savings through a more sustainable supply chain. However, the effectiveness of such corporate sustainability initiatives must be continuously monitored to ensure that they deliver tangible environmental benefits and align with stakeholder expectations.

New project will re-establish seaweed forests along northern Norway coastal areas to help grow the country’s marine economy

SANDVIKA, Norway--(BUSINESS WIRE)-- IFF (NYSE: IFF), a global leader in food and beverage, home and personal care and health, today announced its partnership with environmental non-governmental organization (NGO) Bellona in a long-term project to restore seaweed forests in northern Norway. The collaboration on the Norwegian Marine Restoration (NoMaRe) project aims to restore 5,000 square kilometers of seaweed forest by managing invasive sea urchin predation. The regrowth of the forests could increase biological carbon sequestration by 12 million tons – the equivalent of Norway’s total oil and gas industry emissions in 2021. The launch event held in Norway was attended by Andreas Bjelland Eriksen, Norway’s Minister of Climate and Environment, as well as senior members of the research community.

“As one of the largest global users of seaweed for alginates and carrageenan, we are proud to be an initiator of this major project,” said Renee Henze, chief sustainability officer, IFF. “Alginate from Norwegian seaweed is used in pharmaceutical applications, dietary supplements, and food, including new plant-based meat alternatives. Increasing advocacy for the often-forgotten seaweed forest is key to mitigating the effects of climate change, while creating sustainable jobs and products globally.”

Seaweed forests are among the most important natural environments on Earth but are facing challenges on a global scale. Norwegian seaweed forests are the main food sources and home to over 300 species of invasive sea urchins. During the 1970s, human activity disrupted and removed many of the urchin larvae’s natural predators, allowing urchins to increase in high numbers and convert the northern Norway seaweed forests into desert-like “urchin barrens.” This has caused ecological ripple effects on the biomass of native animals and plants, including limiting opportunities for seaweed harvesting.

The partnership reflects IFF’s commitment to its Do More Good Plan, the Company’s environmental, social and governance, plus Sustainable Solutions roadmap that activates its purpose of applying science and creativity for a better world. IFF is providing financial support and its expertise in seaweed management to the NoMaRe project over a three-year period. In collaboration with the Norwegian government, scientific and research communities, the project will help to fund the creation of a dedicated platform to promote effective, scientifically proven urchin removal schemes and supplementary restoration efforts. It will raise awareness of the importance of restoring Norway’s marine ecosystem and help meet Norway’s climate change objectives. “The project has the potential to help Norway grow its marine economy by generating significant economic benefits every year, making sustainable seaweed one of the country’s biggest contributors to marine industries. That’s good for a greener economy and a greener planet,” said Trond Helgerud, principal scientist and seaweed R&D leader, Nourish, IFF.

“At IFF, we have always been committed to Doing More Good and giving back to the communities we operate in,” said Angela Strzelecki, president, Pharma Solutions, IFF. “In Norway, we have sustainably harvested seaweed for over 60 years, so we know how to maintain the forest. The habitats where we harvest thrive, and we hope the seaweed forest further north can do the same. NoMaRe shows that great things happen when businesses, NGOs, research communities and governments combine their forces, expertise, and experience to help save the planet and create green jobs.”

“The Bellona Foundation is very happy to partner with IFF on the important issue of marine restoration,” said Joakim Hauge, director of bioeconomic, Bellona Foundation. “The team’s experience and knowledge will provide valuable contributions to this exciting partnership. I am confident that IFF and The Bellona Foundation jointly will achieve very real progress for climate and the environment, in restoring marine biodiversity and ecosystems, while at the same time increasing biological carbon storage.”

Cautionary Statement under the Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statement” within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements often address expected future developments, business and financial performance and financial condition, and often contain words such as “potential,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the partnership and the expected benefits or their timeframe. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances.

Welcome to IFF

At IFF (NYSE: IFF), an industry leader in food, beverage, health, biosciences and scent, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partner with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do more good for people and planet. Learn more at iff.com, X (Twitter) , Facebook, Instagram, and LinkedIn. © 2023 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.

©2024 International Flavors & Fragrances Inc. (IFF). IFF, the IFF Logo, and all trademarks and service marks denoted with ™, ℠ or ^® are owned by IFF or affiliates of IFF unless otherwise noted. All Rights Reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240118188227/en/

Communications:

Paulina Heinkel

332.877.5339

paulina.heinkel@iff.com

Investor Relations:

Michael Bender

212.708.7263

Investor.Relations@iff.com

Source: IFF

FAQ

What is the purpose of IFF's partnership with NGO Bellona?

IFF's partnership aims to restore seaweed forests in northern Norway, focusing on managing invasive sea urchin predation and increasing biological carbon sequestration.

How much carbon sequestration could the regrowth of the seaweed forests achieve?

The regrowth of the forests could increase biological carbon sequestration by 12 million tons.

What is the duration of IFF's financial support and expertise in seaweed management for the project?

IFF will provide financial support and expertise in seaweed management over a three-year period.

What are the environmental, social, and governance efforts reflected in the project?

The project reflects IFF’s commitment to environmental, social, and governance efforts, with a focus on sustainable solutions.

How does IFF aim to contribute to Norway’s climate change objectives through this project?

IFF aims to contribute to Norway’s climate change objectives by helping to restore marine biodiversity and ecosystems, while increasing biological carbon storage.