After the Omnibus
When regulation stops forcing companies to act, the paper argues, the work that keeps its budget is the work that creates or protects financial value.
Read the paper
Priced Advisory · Copenhagen
Business conditions. Priced into decisions.
Changing conditions – new rules, customer requirements, carbon prices – reach your growth, cash flow and risk long before they show up in your reports. We work out what they mean for your business, in money wherever the evidence allows, and what you should do about it.
Why we exist
Strategy starts where certainty ends
Carbon is getting a price. Lenders and investors are changing where they put their money. Customers are writing new requirements into their contracts – on packaging, water and working conditions – and no one yet knows exactly how it will settle. Strategy is deciding what to go for and what to give up when you can’t be sure. We help you make those decisions with numbers: what a change does to your company’s growth, cash flow and risk, and what management should do about it.
We know the rules and the forces behind them well enough to tell you which changes matter to your business and which can wait. Strategy, not compliance.
How it arrives
Where it shows up in your week
Situations you may recognise – and the question we help you answer in each.
Inside the company
From the owner’s seat
New rules keep coming, and you can’t tell which ones matter
Due diligence in the supply chain, packaging, green claims. You don’t have time to go through them market by market. We sort them: which touch your business, when, and how much – and which can wait.
You need to know how worried to be
A new requirement arrives on your desk. Is it something to handle yourself, or does it need a decision from management? We size it, so you raise the flag at the right time – with a sense of how big it is.
The strategy is set in a room you’re not in
You know the issue touches the business model, but it never reaches the table where the strategy is decided. We put it in terms of money and risk, so it can compete with everything else on that agenda.
Sales asks what they are allowed to say
New rules on green claims limit what you can put in your marketing. What can you still claim, what is it worth, and what does it cost to back it up?
A customer asks about working conditions in your supply chain
What is it worth to answer well, and what does it cost to close the gap?
The credit conversation now includes carbon
Before renewing the facility, your bank asks for your emissions and your plans. Is it a formality, or will it show up in the price and the terms?
You are buying, holding or selling a company
What will the next buyer discount, and what can be fixed before exit?
How we work
See it. Size it. Price it. Act on it.
These are the questions any business asks before a big decision – a new market, an acquisition, a major investment. We ask them about the changes around you: carbon and energy, water and nature, materials and packaging, working conditions and human rights in the supply chain, or simply a new customer requirement.
1
See it
Which changes will actually reach your numbers, who is behind them and when they bite.
2
Size it
How much of your business each one touches – revenue, sites, suppliers, customers – today and in the years ahead.
3
Price it
What you protect or gain by acting, what you lose by waiting, and what each response costs.
4
Act on it
A recommendation and an order of priority, set against your own strategy – including what to leave alone. The decisions stay yours.
Before we meet
We come to the first meeting prepared
Before we meet, we study your company from the outside – your reporting, your market and what your customers are starting to require. From that we form a view of where changing conditions matter to your business, where they may matter, and where the public record is too thin to tell. We bring that view to the first meeting, so the conversation starts from your business rather than from a blank page.
It is a starting point for you to challenge, not a conclusion. Some of what matters most can’t be read from the outside, and the amounts come later, from your own numbers.
The people behind it
Sustainability and finance, in the same two people
Turning sustainability into money and risk usually means a handover between specialists, and something gets lost on the way. We avoid that. Christian Honoré has worked in sustainability strategy for more than 25 years, Christian Boserup in risk, capital and governance for more than 25 years. We started working together in 2011, when we were both partners at KPMG, and you meet both of us from the first conversation.
Why the name
Because changing business conditions already have a price. Someone – a customer, a lender, a regulator, an acquirer – is going to put it on your company. The only question is whether you have your own number before they do.
Priced is what our work delivers: a change put in terms your business can act on – most often a figure. Not a rating, not a report.
Our thinking
What we have written down
We publish our thinking on these questions, so you can judge whether it is the kind you want from an adviser.
The carbon-adjusted balance sheet
Why carbon is now a capital decision for the board, not just a disclosure – starting from the day the ECB began writing down collateral for transition risk.
Read the paperIf changing conditions are going to cost or create real money in your business, we help you tell which, how much – and what to do about it.
A first conversation is short, specific and free. We will tell you quickly whether it is worth putting a figure on.
How we work
We start from your strategy, then look at the conditions that are changing
We don’t run sustainability as a separate track. We start from where your company wants to go, find the changes that help or hinder it, and show what each means for growth, cash flow and risk. Some of what we find will pay its way. Some will be done for other reasons. Either way, you decide with the facts in front of you.
In short
What you get, before the detail
You get three things: which of the changes around you matter and which don’t, what each is worth in growth, cash flow and risk set against what it costs to respond, and a recommendation with an order of priority – including what to leave alone. The decision is yours, and so is carrying it out.
The four moves
The same four moves, every time
Any business asks these questions before a big decision. We ask them about everything changing around it.
1
See it
Not every change will reach your numbers. The first job is to separate the ones that will from the noise – including pressure that hasn’t reached you yet, such as a requirement still being drafted. Three questions decide whether it matters: who is setting it, when it bites, and whether you are ready for it. A trend tends to become a norm, and a norm a rule – and by the time the rule is final, the cost of acting has often been set. Judging how fast a topic moves takes experience, and we have watched rules arrive for more than 25 years.
2
Size it
How much of the business it affects, in your own units – revenue, sites, suppliers, customers. We look at the pressure you face today and the pressure still coming separately, because the pressure still coming is where a strategy has room to move.
3
Price it
What it is worth, three ways: the value you protect – a key customer contract, a site’s licence, the terms of a loan; the value you create – a product customers will pay more for, energy or materials you no longer need to buy, a market competitors can’t enter; and the value that slowly erodes – in margins, customers or asset values – if nothing is done. Each is set against what the response costs. Usually that is money. Sometimes it is the time and effort of closing a data gap before a tender, or of switching suppliers. When we put a figure on something, we say how confident we are and show how we got there.
4
Act on it
A recommendation and an order of priority, set against your own strategy and ambition – including what to leave alone. You carry it out, because the strategy has to be yours to own and defend.
Not every decision needs all four. A long-term choice of direction can often be made with confidence before anything is priced.
An example: from reaction to decision
From: “A new EU procurement regulation is coming, so we should say something about sustainability in our bids.”
To: “The European Commission has proposed that quality – which can include carbon performance and circularity – carries at least 30 per cent of the award points in public tenders, and some EU countries already apply green criteria in theirs. How much of our revenue runs through public tenders? Which contracts come up for renewal before the rules apply, and how much of our margin there rests on price alone? What would it cost to document what we can show, and is that cheaper than a lower win rate? Here is our recommendation.”
What it comes down to
Where it shows up in your accounts
We express what we find as growth, cash flow and risk wherever the evidence allows, because that is how money is allocated in a business. Some effects can’t be put in money without guessing. Then we measure them in time or effort instead, and tell you why.
The P&L
Growth
Where changes create demand you can win – and where new customer requirements will close doors you didn’t know were open.
The cash flow statement
Cash flow
What carbon prices, energy costs and supply-chain requirements do to margins and investment over your planning period – in your numbers, not a benchmark.
The balance sheet
Risk
What your exposure means for access to finance, asset values, residual value and value at sale – the terms lenders and buyers use.
The first read
What we can tell from the outside – and what we can’t
Every engagement starts with a read of your public information. For each topic we say which way it points, how much of the business it affects and how confident we are, and we land on one of three answers.
Reading
No material concern
Nothing in the public record suggests you should spend time or money here. We note it and move on.
Reading
Can’t be ruled out
Something may be there. We list the questions that would settle it, starting with the one that removes the most doubt, and say whether the answer sits inside your company or outside it.
Reading
Can’t be read from the outside
There isn’t enough public information to say. We tell you what would make it possible.
We never conclude from the outside that a serious risk is confirmed – that takes your own data. And we don’t open by asking you for data. We show you which data would make the picture clearer.
In a first conversation, we can show you what a first read looks like.
Where we look
Five ways a change reaches your numbers
We look at all five and go deepest where the evidence is strongest.
Customers
Demand, purchasing requirements and willingness to pay, as the market shifts.
Capital
What lenders, investors and buyers now require before they commit – and what they discount.
People
The ability to attract, keep and motivate the people the business needs.
Operations
Exposure in the supply chain, in resources, and to physical and transition risk.
Licence to operate
Regulation, reputation and society’s acceptance of how you do business.
The engagement
The strategy engagement
Our main piece of work is a strategy engagement: a sustainability strategy built from your company’s own corporate strategy. It ends with a short list of priorities, each with its case for growth, cash flow or risk – or the stated reason it is done anyway – and a written list of what you will not do. That way a sustainability question competes for money on the same terms as everything else the business is weighing.
We work alongside your team rather than writing a report from outside. The thinking is built with you – in interviews and working sessions, including one with whoever holds the budget before anything goes to management – so the result is a strategy your organisation can own and defend.
A first engagement takes weeks, not quarters. How many interviews and sessions it needs depends on the size and complexity of the company. The phases can be taken together or one at a time. We don’t write the sustainability report, and we don’t sell software.
Each phase ends with decisions you can take that you can’t take today
Phase 1
Where to play
- Which two or three pressures really matter to your growth, cash flow or risk – and in what order to deal with them.
- Which standard measures won’t pay back, with the reasoning written down – and which of them you choose to do anyway, for other reasons.
- Where your own footprint ends and the savings your products create for customers begin – and which of the two gives you the stronger commercial story.
- What you have to be able to document, to whom, and by when.
Phase 2
How to win
- What to invest, when, and what it has to return to compete with every other use of the same money.
- What you will say to customers, lenders and the board – and what you will not claim.
- Who owns the strategy inside the organisation once we have left.
- Where what you specify or design shapes your customers’ results – and whether some of that value should come back to you.
Phase 3
Capturing the value
After delivery, we can help you make sure the value the strategy planned is the value the company actually gets – scoped to what you need.
- Whether the planned value is showing up – tracked in the same numbers it was priced in.
- When your business or the requirements change, which decisions are affected and whether they still stand – checked at a fraction of the cost of redoing the work.
What you have at the end
Decisions, with owners and a timeline
The result is not a report. It is one overview of the few priorities the company commits to, and what each needs to happen.
Why
The ambition
Tied to what the business already aims for and the value it already pursues – not a separate sustainability goal.
What
Two or three things to get right
Where the company has to succeed to get there – and a written list of what it will leave alone.
How
The actions
The concrete steps under each, priced and put in order: first, later, done for other reasons, or left alone.
What it needs
The foundations
The skills, data, governance and partners those actions depend on.
What it costs
The resources
The people, money and management time it takes – so it can be weighed against every other use of them.
Phase 1 settles the first two. Phase 2 builds the rest. Each decision leaves with an owner and a timeline.
The same four moves, applied to climate
Carbon on the balance sheet
Carbon is where pricing has come furthest, and lenders already use it. So for climate we take the work one step further, onto the balance sheet: what a company’s or a portfolio’s emissions mean for equity, debt and value under different carbon-price scenarios – and how far the reductions a company reports are from the reductions it will actually deliver.
It is built for companies, owners, lenders and investors to use before a decision, not after. The four moves work for any topic; this balance-sheet step is, for now, specific to carbon.
Examples along the way
Other questions a strategy tends to raise
The strategy is the backbone, but not all we do. We also take on the specific questions it tends to raise, and work through each with the same four moves. For owners and investors, the same work runs ahead of a deal or across a portfolio.
Market access
Which customer, tender and border requirements will decide access to your markets in the next three years, and whether you can produce the numbers they ask for.
Data that stands up to scrutiny
Scope 3 models and product carbon footprints built to the boundaries a customer will actually check, not the ones that are easiest to report.
Financing terms
What lenders will ask of the company, what it costs to answer, and what it costs not to.
Our numbers
How we handle the numbers
Every figure we give you is built from your own numbers, and comes with how confident we are and how we got there.
Some things a company does are right or required whether or not they pay – respecting human rights is one. When we look for the money in a topic and don’t find it, we tell you, and the decision is taken on those grounds instead.
Start with the problem that won’t go away
A figure that never adds up, a customer requirement no one has priced, a board question that keeps coming back. Bring it as it is – you don’t need to have scoped it first.
Insights
What we think, in writing
We publish our arguments and the reasoning behind them – enough for you to judge how we would think about your problem.
After the Omnibus: why the business case is the only ESG that lasts
For nearly three decades sustainability advanced on someone else’s mandate – first reputation, then regulation. That era is over, the paper argues: what now keeps its budget is work that can show its value in profit and loss, risk, cost of capital and valuation.
Read the paper (PDF)The carbon-adjusted balance sheet
In June 2026 the European Central Bank began writing down the value of collateral for transition risk. That changed what an emissions figure is – from something a company discloses to something its lenders price, and so something its capital plan has to answer.
Read the paper (PDF)Disagree with something here?
Good. The thinking improves fastest when someone who knows a sector takes it apart. Tell us where we are wrong.
About
Built on one idea: put your own number on it before someone else does
Priced is a Danish advisory firm with two partners. We help companies work out what the changes around them mean in money and risk, so they can take decisions they can defend – whichever way they go.
Our story
From ESG Implementation to Priced
We started in 2022 as ESG Implementation, in the CSRD era, doing the work the regulation demanded. When the EU Omnibus changed the rules, the question our clients asked changed with it. It was no longer what they had to report, but what this was worth to them – and what it would cost to get it wrong. So we moved from reporting to strategy, in the language of growth, cash flow and risk.
Along the way our clients taught us something about our own name. When we showed our method to the companies we worked with and pitched to, we kept hearing the same thing back: this is strategy advice, not ESG advice. What matters is the business model; if something cannot be tied to growth, cash flow or risk, you should at least know why you are doing it. They were right. “ESG” was carrying a meaning we had already left behind – a values topic, a compliance function, a cost to be defended.
So we renamed the firm for the result of the work rather than the field it came from. Priced: a change put in terms a business can act on – most often a figure. The company behind it is unchanged, and so is the method. Only the name caught up.
How we think
Strategy is deciding before you are sure
Strategy is choosing what to go for and what to give up when you can’t be sure how things will turn out. So we start from where your company wants to go, and treat what is changing around it as risk and opportunity to weigh against that ambition, not as a list of rules to comply with. We express it as growth, cash flow and risk wherever the evidence allows, and we tell you where it doesn’t and how sure we are. The two partners do the work themselves, with a method developed in practice rather than a template, and a deep knowledge of Nordic and EU regulation. Between us, we have worked with human rights and supply-chain due diligence, climate and carbon, and the capital, risk and governance rules of the financial sector.
We don’t publish client work – the conclusions are yours and stay confidential. That discretion is part of the deal. So you won’t find a wall of client logos here. Ask us, and we will walk you through how we have worked on problems like yours.
Two things that shape how we think
In 2010 Honoré co-designed the UN Global Compact Dilemma Game, a board game built on real business cases from Denmark, Kenya and Slovakia, in which one player decides and the others play the stakeholders. It was a finalist for the INDEX: Design to Improve Life award and has been given to more than 500 Global Compact members in over 130 countries. It is still the situation companies are in: you have to decide without knowing the outcome, while the rules and expectations are themselves still moving – and then explain the choice to the people it affects. He has a few copies left and is happy to play it with anyone who asks.
Boserup is an amateur sommelier. Tasting means judging a great deal from a few signs, and saying how sure you are before you have the whole picture – not far from how a first read works.
How we use AI
We use AI for the work that doesn’t need judgement: reading, sorting, first drafts. That frees our time for the work that does. The person you talk to is the person doing the thinking – and every conclusion you receive has been through a partner.
The partners
Sustainability strategy and financial risk, in one team
You work with both of us from the first meeting. We met as partners at KPMG in 2011 and started building a shared language between sustainability and risk management there. We rarely agree at the start of a conversation, and the idea is usually better for it.
Christian Honoré
Founding partner · sustainability strategyChristian Honoré has worked with sustainability and regulation for more than 25 years, on both sides of the table: inside a listed company, in a Big Four firm and in companies of his own.
Regulation and human rightsAt Coloplast, where he built the corporate responsibility function from 2004, he set up the anti-corruption and responsible procurement programmes and carried out one of the first human rights impact assessments by a Danish company, in 2005. He then trained and audited teams across Eastern and Southern Europe, China and Latin America. Both programmes were still in use long after he left. Later he translated the first draft of the ESRS into a reporting platform, which gave him a detailed knowledge of the regulation from the inside. At ESG Implementation he has worked on CSRD, the EU Taxonomy and CSDDD, for large companies and financial institutions.
Advice and buildingHe founded an advisory firm that KPMG acquired in 2011 and went on to lead KPMG’s sustainability practice as a partner and later equity partner. There he worked on some of the firm’s first materiality assessments and presented its human rights approach to clients in the UK, the US and the Netherlands. He founded the Danish business network for human rights, which continues today as the Nordic Business Network for Human Rights, raised capital for a company of his own over four rounds, and advised impact start-ups on business models and capital alongside corporate clients. In 2022 he co-founded ESG Implementation, now Priced Advisory.
GovernanceHe chairs Engagement International, is vice chairman of the board at Frame, and sits on an expert group at the EU Intellectual Property Office’s Observatory, so he knows the governance side of the table as well as the operational one.
honore@pricedadvisory.com · +45 4237 8474
LinkedInChristian Boserup
Founding partner · strategy, governance and riskChristian Boserup has worked with risk, capital and governance for more than 25 years – first inside the financial sector, then as an adviser.
Regulation and capitalAfter nine years close to group management at Alm. Brand, he joined Copenhagen Re, where the model from his executive MBA thesis at CBS was put into use: a dynamic financial analysis that showed management how its own reinsurance programme and allocation of financial assets would change the likely distribution of earnings over the coming years. As an adviser he has helped large Nordic banks, insurers and listed companies implement Basel II and III, Solvency II, ICAAP and ORSA, and enterprise risk management – implementing the rules, building procedures, training and reporting, and developing clients’ own people so they could carry on after the team left. His work on CSRD and CSDDD began at Implement; at ESG Implementation he has worked on double materiality assessments, gap analyses, data and reporting set-up and board training.
Advice and buildingHe built Marsh’s Nordic risk consulting team and worked on Basel II and enterprise risk management at PwC. At KPMG from 2007 he was partner and practice leader of Financial Risk Management, and from 2014 equity partner in the new KPMG, growing the practice from three people to twenty and taking responsibility for the whole chain from recruitment and training to service development and client work. As a partner at Implement Consulting Group from 2016 to 2023 he co-developed the firm’s GDPR offering and the human firewall, a gamified learning service that still exists today, and led a two-year programme on the handling of personal data in a large global organisation, with equal weight on human behaviour and classic performance indicators.
GovernanceHe sits on the board of OSK Design, a consulting company, where he works on the strategic development of the advisory business and on making sustainability part of the business where it makes sense.
boserup@pricedadvisory.com · +45 6067 1098
LinkedInPut together, that is one team that reads both ends of the problem: where the pressure on your business is coming from and how fast it will turn into rules, contracts and prices – and what it does to your growth, cash flow and balance sheet when it arrives. That is what we do today: help companies work out what the changes around them are worth, and decide what to do about them while the outcome is still open. So that when someone puts a number on your company, it is one you already have.
Changing conditions are going to cost or create real money in your business. We help you tell which – and act on it.
Start a conversation
Short, specific and free
Tell us what is changing around your business and when you expect it to matter. We will tell you quickly whether it is worth putting a figure on – and if it isn’t, we will say so.
Where we are
Ewaldsgade 3, 2.
2200 Copenhagen N
Denmark
2200 Copenhagen N
Denmark
What happens next
Three steps, none of them a commitment
1
You write or call
A few lines on what is changing and when you expect it to matter is enough. We reply within one working day.
2
A short conversation
We ask what decision is coming and tell you whether it is worth putting a figure on. If it isn’t, we say so.
3
A first read, if it is
We show you what a first read looks like and what it would take to go further. You decide whether to.
Direct lines: Christian Honoré +45 4237 8474 · Christian Boserup +45 6067 1098
Privacy
How we handle and protect your personal data
Priced Advisory is a trading name of ESG Implementation Partner ApS. Last updated 28 September 2026.
Contact details
ESG Implementation Partner ApS, trading as Priced Advisory
Ewaldsgade 3, 2.
2200 Copenhagen N, Denmark
CVR 43713574
If you have questions about how we process your personal data, write to mail@pricedadvisory.com.
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Changes to this policy
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