Sustainability reporting

Sustainability reporting means the reporting of the environmental, social and governance impacts related to the activities of companies and organisations. This is done so that stakeholders such as investors, customers and employees can assess the company’s responsibility and sustainability strategies, and so that companies can improve their transparency and accountability. At Nordic Impact, we support your organisation in effective sustainability reporting.

Comply with the obligations of the EU Corporate Sustainability Reporting Directive

The EU Corporate Sustainability Reporting Directive (CSRD) means that sustainability reporting will become mandatory for many Finnish companies in the coming years. The directive establishes a framework for corporate sustainability reporting, i.e., how companies should report their environmental, social and societal sustainability in the future. This means that companies must prepare a sustainability report in accordance with the European Sustainability Reporting Standards (ESRS).

Even if a company does not meet the size limits of the sustainability reporting obligation, compiling the sustainability data required by the ESRS may be relevant if it operates in the value chain of reporting corporations or aiming at new markets. The ESRS require companies to report on all sustainability topics relevant to the company’s operations.

Nordic Offset offers customers comprehensive specialist services in sustainability reporting, ranging from the materiality assessment of sustainability reporting and the development of sustainability targets to the measurement of climate and other sustainability impacts and statutory ESRS reporting.

For companies with sustainability reporting obligations, this is statutory reporting as required by the Accounting Act, and we master the related documentation and quality requirements. We can help you at every stage of sustainability reporting.

Materiality assessment

The materiality assessment is the starting point for sustainability reporting in accordance with the ESRS. It determines the data that is presented in the sustainability report. Often, the results of the materiality assessment are also used as a basis for sustainability objectives and strategy. This is why it is especially important to prepare it professionally.

The materiality assessment of the sustainability report takes into account double materiality: the company’s outward sustainability impacts relevant to the company (impact materiality) and sustainability risks and opportunities that affect the company’s financial position, profit and cash flows (financial materiality). It is often advisable to start with the impact materiality, i.e., the company’s outward sustainability impacts on the environment, society, individuals and communities. Next, we examine whether the observed sustainability impacts also have a financial impact on the company or whether other financial impacts caused by sustainability factors can be observed.

The materiality assessment begins by analysing the company’s sustainability context. The sustainability context is influenced by both company and industry-specific factors and stakeholder expectations. The end result of the materiality assessment is a list of sustainability topics relevant to the company, on the basis of which the information reported in the ESRS report is determined.

After the corporation’s double materiality sustainability impacts have been assessed and the value of relevant sustainability impacts has been set and identified, the reporting must comply with the ESRS requirements. The statutory nature of reporting and it being subject to assurance lead to higher requirements also in terms of analysis and documentation. Our sustainability reporting regulation specialists also assist customers in preparing documentation and reporting that meets quality requirements.

Do you want to learn more about materiality analysis? Get in touch with our experienced specialists to discuss the right solutions for your business.

ESRS gap analysis

Once the sustainability issues relevant to the company have been discovered with the help of the materiality analysis, we review the information the company is obligated to report on the basis of the ESRS.

We understand the prerequisites of reporting readiness and help customers assess the necessary information, the processes and controls related to data management and compilation as well as documentation practices.

The ESRS gap analysis compares the company’s existing data with the data needed for ESRS reporting, i.e., surveys the missing data. In addition to data, the analysis also includes the reporting readiness in terms of processes, controls, the system environment, operating methods, the setting of sustainability indicators and targets as well as documentation. All these elements must be in order so that it is possible to produce sustainability information that meets the CSRD’s data quality requirements.

The gap analysis describes the measures and plan needed to derive the missing data. At the same time, we can document descriptions of other, already existing data used for ESRS reporting.

Do you want to learn more about the gap analysis? Get in touch with our experienced specialists to discuss the right solutions for your business.

Drafting the ESRS sustainability report

The Corporate Sustainability Reporting Directive sets the framework for sustainability reporting, but the more specific requirements come from the ESRS.

We have an in-depth understanding of the requirements of the ESRS and can help you create an ESRS report draft on the basis of the materiality assessment. We also assess the adequacy of information and the need for any company-specific information.

Sustainability information must be presented as a single whole in the company’s annual report. The ESRS has specific requirements for information grouping and linking. The basic principle is to report on the sustainability issues material for the company and the impacts, risks and opportunities arising from them.

The information presented on the basis of the (12) subject-specific standards is determined on the basis of the materiality assessment. The information still needs to be supplemented with entity-specific information if the ESRS does not cover the sustainability aspect relevant to the company sufficiently or at all.

Information provided in accordance with the provisions of Article 8 of the Taxonomy Regulation shall be included in the environmental section.

The information presented in the sustainability report must be consistent with the company’s other reporting, such as financial statements. Information on direct and indirect connections of information (e.g. emission intensity) as well as on the interconnection of information must be provided in the sustainability report.

Do you want to create a sustainability report? Get in touch with our experienced specialists to discuss the right solutions for your business.

Meeting the EU Corporate Sustainability Reporting Directive’s climate responsibility requirements

We provide a comprehensive service to help companies prepare and implement reporting in accordance with ESRS E1 (European Sustainability Reporting Standards, E1).

Nordic Impact’s carbon footprint calculation complies with the calculation standards of the greenhouse gas emission (GHG) protocol, which means the results are directly in line with the reporting obligations (E1–6) of the EU Corporate Sustainability Reporting Directive (CSRD). Based on our carbon footprint calculation service, we can identify emission reduction measures and prepare related proposals for reducing emissions (a climate roadmap). We also plan emission reduction targets in accordance with the Science Based Targets initiative and the Paris Agreement, ensuring that your company’s climate responsibility efforts are in line with requirements E1–4 under the CSRD.

The CSRD and ESRS E1 require reporting on a climate transition plan. In its transition plan, the company must include the following:

  • How the company’s climate targets support the achievement of the Paris Agreement’s +1.5 °C target and the measures taken to achieve them.
  • Measures related to climate change mitigation.
  • Funding of the transition plan implementation.
  • A qualitative assessment of a possible lock-in to emission-intensive activities. A possible explanation of the objectives to achieve activities that are in line with the EU taxonomy.
  • If applicable, whether the company is included in the Paris Agreement benchmarks (PAB).
  • How the transition plan is implemented in the company’s business strategy.
  • Progress in the implementation of the transition plan.

If the company does not have a transition plan, it must report whether it intends to implement one.

Do you want to learn more about the obligations in the EU Corporate Sustainability Reporting Directive? Get in touch with our experienced specialists to discuss the right solutions for your business.

EU taxonomy assessments

We provide EU taxonomy assessments for organisations seeking to understand and apply the EU sustainable finance taxonomy in their business. Our goal is to help our customers evaluate their own operations in the light of the criteria of the EU taxonomy and find out how they can best meet the requirements of sustainable operations.

Our service covers the following areas, among others:

  • Assessment planning: We work with our customers to plan an assessment process that covers the essential aspects of their operations in terms of the EU taxonomy. This includes defining methods for identifying and evaluating key criteria.
  • Analysis of operations: We evaluate our customers’ operations from the perspective of the EU taxonomy, examining aspects such as the environmental impact of their products and services and their contribution to climate change mitigation and adaptation.
  • Reporting and recommendations: We prepare a report on the results of the evaluation and give our customers concrete recommendations on how they can improve their operations to better meet the requirements of the EU taxonomy.
  • Training and support: We provide training and support to our customers to help them better understand the principles of EU taxonomy and integrate them into their business. Our goal is to help them achieve their sustainable finance goals and take advantage of the opportunities offered by the EU taxonomy.

In cooperation with our customers, we strive to promote sustainable and responsible business and actively participate in the promotion of sustainable financing in the EU.

Support for other types of sustainability reporting (e.g. GRI, CDP, IFRS/TCFD)

We support reporting in accordance with key ESG, sustainability and climate frameworks. Among others, our reporting services cover readiness reviews, gap analyses and external reporting support services.

Do you want to learn more about the obligations in the EU Corporate Sustainability Reporting Directive? Get in touch with our experienced specialists to discuss the right solutions for your business.


The Global Reporting Initiative (GRI) is an international organisation that develops globally recognised standards for corporate responsibility reporting. The GRI standards help companies report on their environmental,  social and governance impacts in a transparent and comparable way. These standards enable companies to improve their accountability, demonstrate their commitment to sustainability and meet the expectations of their stakeholders.

For more information, visit


CDP (Carbon Disclosure Project) is an international organisation that provides a global reporting system for companies and other organisations to report their environmental impacts such as greenhouse gas emissions, water consumption and deforestation. Through CDP, companies can measure and manage their environmental impacts, improve their accountability, and meet the expectations of their stakeholders. CDP data helps investors, businesses and cities make more sustainable decisions.

For more information, visit


In 2018, a Task Force on Climate-related Financial Disclosures (TCFD) was set up by the Financial Stability Board to oversee the stability of the global financial system. Thanks to the TCFD, a common language for climate reporting has been developed, based on financial materiality and capital market needs. This language has since been integrated into corporate reporting regulation and standards.

Since 2023, the International Sustainability Standards Board (ISSB), established by the IFRS Foundation, has taken responsibility for promoting the TCFD initiative and is extending IFRS standards to include sustainability disclosures.

The draft standard IFRS S2 Climate Disclosures prepared by the ISSB is based on the content defined by the TCFD recommendation and the industry-specific sustainability reporting standards previously defined by the Sustainability Accounting Standards Board (SASB).

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Communication of sustainability claims

We offer a comprehensive service for communicating sustainability claims, which helps companies build and strengthen a sustainable brand. Our team of experts provides strategic consulting, communication planning and implementation as well as training and workshops for our customers. We also consult our customers on the interpretation and application of the sustainability communications guidelines and the requirements of the Corporate Sustainability Reporting Directive. We ensure that our customers’ communication is consistent, efficient and meets their needs and expectations. The benefits of our service range from building a reliable brand image to achieving a competitive advantage in the market. In addition, we strengthen our customers’ relationships with their customers, investors and other stakeholders who value sustainable practices.

 Create transparent climate claims

In 2023, the European Commission prepared a new proposal for a Green Claims Directive aimed at eradicating the use of unjustified environmental and climate claims in marketing. The Directive is expected to be finally adopted by the European Parliament by the end of 2024 and will be adopted by Member States within the next two years. Based on the proposal, the Finnish Ministries of the Environment and of Agriculture and Forestry have published a guide on best practices in the voluntary carbon market, including guidelines for the use of correct carbon neutrality claims. In Finland, the use of claims is supervised by the Finnish Competition and Consumer Authority.

Nordic Impact continuously monitors the development of this legislation and guidance. In our assignments, we always adhere to the strictest and latest criteria and industry guidelines. All our assignments include support for sustainability communication, in which we help our customers to formulate the right message and claims.

The starting point for the use of claims is that they must be based on researched and verified information, and these grounds must be transparently included in the message. Nordic Impact’s service includes all the climate action phases recommended in the guide published by the Ministries of the Environment and of Agriculture and Forestry, which are as follows:

  1. Comprehensive and reliable calculation of the organisation’s emissions, including scope 1, 2 and 3 (read more about the calculation of greenhouse gas emissions here)
  2. Prioritisation of the organisation’s emission reductions, a climate target, and a climate roadmap
  3. Use of high-quality climate units to compensate for, i.e. offset, emissions
  4. Adherence to good marketing practices and use of credible climate claims in communications
  5. Transparent, understandable, and sufficiently detailed reporting

Want to know more about responsible communication? Get in touch with our experienced specialists to discuss the right solutions for your business.