NSRS Entry Level has been launched! – The new tool assists small and medium-sized businesses in ensuring a competitive sustainable transition, says Hans Christian Ellefsen, chair of the Nordic Sustainability Reporting Standard (NSRS) board.
NSRS Entry Level is the little brother of NSRS Level 1 and is tailored for small and medium-sized businesses. The standard has been developed so that everyone - even the smallest companies - can get started with sustainability reporting and ensure a competitive sustainable transition.
- There are hundreds of global standards in the world, but none have small and medium-sized businesses as their main target group or have scaled the standard down effectively for this market. NSRS Level 1, which was launched in 2021, filled this gap. The NSRS Entry Level now makes it even easier to get started, says Hans Christian Ellefsen, chair of the Nordic Sustainability Reporting Standard (NSRS) board.
Sustainability reporting is a journey
Companies can choose to begin their sustainability journey by reporting according to the NSRS Entry Level for two years. Next, the journey continues to NSRS Level 1. In this way, the SMEs get a simple and user-friendly introduction to sustainability reporting before they are smoothly guided through increasingly advanced reporting.
- Eventually, the users of the standard will advance and increase their competence in sustainability and sustainability reporting. As follows, it is natural that the requirements for the information shared, and the goals defined are raised, says Christine Lundberg Larsen, board member of NSRS.
NSRS Entry Level consists of 9 steps - from collecting, reporting, and publication of the sustainability report.
The standard provides access to the reporting tool itself (NSRS Implementation Tool – Entry Level) and a step-by-step guide (NSRS Implementation Manual – Entry Level) – free of charge!
- For the NSRS board and the Nordic Accountant Federation (NAF), it is essential that the NSRS is free. One of the reasons behind the delay in SMEs' sustainable transformation is the lack of resources. The launch of the NSRS Entry Level gives small businesses free access to the tools they need to get started with sustainability reporting, says Lena Lind, board member of NSRS.
Why report on sustainability?
Small and medium-sized enterprises make up 99% of all businesses in the EU. Studies also show that 60% of climate emissions in Europe originate from SMEs.
- The EU is moving towards a sustainable economic system. Large companies are already obliged to report their sustainability work. This will lead to more requirements on their suppliers – the small and medium-sized companies. Eventually, the banks' expectations and legislation regarding sustainability reporting will also include all businesses, says Heidi Mann, board member of NSRS.
A Nordic collaboration
The Nordic Accountant Federation (NAF) develops and manages the Nordic Sustainability Reporting Standard (NSRS). NAF consists of Regnskap Norge (Norway), Srf konsulterna (Sweden), TAL (Finland), and Cereda (Denmark).
- It is no surprise that it is the accountants’ industry organizations who have developed the NSRS; The accountants are experts in collecting data, processing and structuring information, quality assurance, and reporting. The same method is used for sustainability reporting. The only difference lies in the nature of the information being reported, says Leonard Breukers, board member of NSRS.