What is ESRS?
ESRS stands for: European Sustainability Reporting Standards and is the most concrete and detailed level of CSRD reporting. The materiality analysis points out which of the areas are most relevant to your company, and thus which criteria in ESRS you should report according to. If you have a Nordic Swan Ecolabel, it can simplify the work when you need to report on sustainability. Our way of setting requirements with a focus on the value chain can provide valuable insights to use.
Omnibus I proposes changes to the ESR that may result in less extensive reporting. EFRAG, the European Financial Reporting Advisory Group, which has developed the ESRS standard, is also the organization that is working on an updated version. They expect to submit a final proposal to the European Commission in the autumn of 2025.
However, until new decisions are made, the current version of the ESRS will apply.
The ESRS is divided into 12 areas, the first two of which are horizontal standards that apply to everyone. The remaining 10 areas apply depending on your business.
Overall standards:
- ESRS 1 – General requirements
- ESRS 2 – General information
Environment:
- ESRS E1 - Climate change
- ESRS E2 - Pollution
- ESRS E3 - Water and Marine Resources
- ESRS E4 - Biodiversity and ecosystems
- ESRS E5 - Resource use and circular economy
Social issues:
- ESRS S1 – Own Labour Force
- ESRS S2 - Workers in the value chain
- ESRS S3 – Impacted communities
- ESRS S4 - Consumers and End Users
Steering:
- ESRS G1 – Responsible Business Conduct
The Nordic Swan Ecolabel sets requirements from a holistic perspective and takes into account climate, nature, chemicals, pollution, biodiversity, water and the circular economy. The Nordic Swan Ecolabel's methodology for developing environmental requirements provides insights that are well suited for sustainability reporting.
To get more information about the Nordic Swan Ecolabel's requirements, read the background document for the product group that is relevant to your company. There is both a MEKA analysis and an RPS analysis that can provide valuable information.
ESRS helps companies identify impact, risks & opportunities. The IROs show the impacts, risks and opportunities. Download ESRS here.
The EU is also developing simplified standards for SMEs and for specific sectors.