Woman standing on stairs in a library in Helsinki.

NSRS - Nordic Standard Sustainability Reporting for SMEs

Project 2020 - 2021 Active

This project aims to develop a sustainability reporting standard with the smaller companies in mind, but comparable with established international standards. The complex transformation from a linear to a circular economy will be an important element addressed in the project.

Main goal

The main goal of the NSRS project is to develop a new and simplified sustainability reporting standard for SME’s in the Nordics. This will be carried out by finding and exploring the cross-section between a synthesis of existing standards, the user needs and the reality of the greater context such as the regulative landscape and industry specific challenges. Furthermore, the aim is to develop a business case for utilising the standard – for accountants in the Nordics alongside SME’s. Moreover, we intend to invite stakeholders from public and private sector in a multi-stakeholder process in order to increase the possibility for successful integration of the standard when first implemented on the market.

The users in this case are defined to be a) the SME’s, b) the accountants and c) stakeholders that will utilise the results such as investors, end-consumer, large corporations seeking to get an overview of the climate impact in their value chain and other actors seeking to gain an understanding of the environmental impact of a company and potentially also comparing it to other companies.


The Nordic prime ministers have decided on a new vision for Nordic cooperation. The Nordic countries are to become the most integrated, sustainable region in the world by 2030, emphasizing green (circular and biobased), competitive and socially inclusive societies. The Nordic countries have the strongholds needed to be frontrunners in the circular economy. However, there are still issues to resolve in order to reach the climate targets and Sustainable Development Goals, especially number 12 (Sustainable production and consumption) and 13 (Climate Change).

The call, where the project was funded was designed to enable cooperation actions that can turn strategies into concrete solutions to help reduce the CO2 footprint, reduce and optimize material use, promote innovations and implement new business models. The call for proposals: Circular Cities & New Circular Solutions addressed two of the four action areas that currently make up Nordic Innovation’s Nordic Sustainable Business Transformation program.


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Regnskap Norge

Christine Lundberg Larsen
Project owner

Kaja Koppang
Project leader

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Antti Soro
Project partner

Srf Konsulterna


Portrait Marthe Haugland

Marthe Haugland

Senior Innovation Adviser
Marthe combines her international experience with her knowledge of business development and innovation to promote Nordic cooperation within the circular economy. She belives Nordic cooperation can drive the systemic change and give Nordic companies a competitive edge going forward.

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Hanna Törmänen

Hanna Törmänen

Innovation Adviser
Hanna has background in Nordic and international exports, public-private cooperation, project management and market analysis. Her focus at Nordic Innovation is to support Nordic businesses and ecosystems in their transition towards sustainable and circular business models.