Wealth Management
Formue: When long-term thinking leads to climate action
How one of the Nordics' leading wealth managers chose credibility over convenience — and why high-integrity local carbon credits are the natural next step for responsible finance.
Industry
Wealth Management
Based in
Norway
Approach
Beyond Value Chain Mitigation
For companies managing wealth across decades, climate risk is business risk
The challenge
Formue was founded on a single promise: helping people protect and grow their wealth over time. That requires long-term thinking. And long-term thinking, pursued honestly, inevitably leads to climate.
Climate risk is already reshaping markets, regulations, and asset values. For a wealth manager advising clients on the decades ahead, ignoring that reality isn't just irresponsible — it's bad business. Philip Mitchell, Sustainability Strategy Lead at Formue, puts it plainly:
"One of the biggest challenges wealth managers face is that we can't just make investment decisions ourselves — we need to do what our clients want. This fiduciary duty means we need to educate our clients about future risks like climate change. The responsibility is on Formue to make sure clients have access to the best options for them and the environment."
Philip Mitchell
Sustainability Strategy Lead, Formue
Formue had already integrated sustainability into how it advises clients and was working to reduce emissions within its own operations. But the team recognised that internal action alone wasn't enough. Acting meaningfully on climate meant contributing to solutions beyond their own footprint — and doing it in a way they could actually stand behind.
The partnership
Early in, by design
Formue became one of Noora's earliest partners, buying certified carbon credits from Noora's first forest project. That timing was a choice — not a coincidence.
Formue has always been an early adopter of new technology in search of better solutions for its clients. When they looked at Noora, they saw the same instinct: technology-driven, science-led, built with credibility at its core. What gave them the confidence to move?
“In Noora, we saw a similar embrace of technology to deliver a better product. The clear engagement strategy with Norwegian forest owners helped add credibility to the offsets they provided."
Philip Mitchell, Sustainability Strategy Lead, Formue
The investment is structured as a Beyond Value Chain Mitigation (BVCM) contribution — a transparent climate action that runs alongside, not instead of, Formue's internal emissions reductions. Reduce first. Then do more. That's the order, and it's exactly what Formue is doing.
Credibility above all else
The approach
There's no shortage of carbon credit options globally. Formue was deliberate about which kind they wanted. After a difficult few years for the voluntary carbon market — particularly for projects based on avoided emissions — they knew what they were looking for.
Real, measurable sequestration
Noora's Improved Forest Management projects give Nordic forest owners an incentive to let trees grow longer, maximising CO₂ capture from day one.
Third-party verified
Credits are developed under the Verified Carbon Standard (VCS) by Verra, with independent verification before any credits are issued.
Close to home
Local Nordic projects provide verifiable, tangible impact — something Formue can point to with confidence for clients and employees alike.
For Noora, Formue's early commitment does more than validate the market. It enables the development and scaling of forest projects and the technology platform behind them. Pioneer buyers don't just buy credits — they make the whole system possible.
Stop hiding behind theoretical impact reports
A message to the industry
"One of the biggest sustainability frustrations in finance is that, despite the huge sums of money being invested, it's often impossible to point to real-world benefits. Buying credible offsets in a local market is one of the easiest ways to have a tangible impact — and can easily be extended to incorporate biodiversity benefits too. For engagement with clients and employees, it's an easy way to show you mean business, and are not just hiding behind theoretical impact reporting."
Philip's advice to fellow financial leaders is rooted in a frustration he knows the industry shares:
Philip Mitchell
Sustainability Strategy Lead, Formue
Formue's decision shows that climate leadership in finance isn't about perfection. It's about closing the gap between commitment and credible action, turning sustainability strategy into something you can point to, measure, and build on.
About Formue
One of the Nordics' leading wealth managers
Formue provides independent wealth management to private clients, family businesses, and foundations across Scandinavia. Built on a philosophy of long-term thinking and responsible stewardship, Formue has integrated sustainability into the core of how it advises clients — from investment decisions to risk management.
Under the sustainability leadership of Philip Mitchell and others, Formue is demonstrating that the financial industry doesn't have to choose between fiduciary duty and climate responsibility. Long-term thinking demands both.