From NFRD to CSRD: Sustainability Reporting in the Nordic Energy Sector
Viita-aho, Mirja (2026)
2026
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202604166678
https://urn.fi/URN:NBN:fi:amk-202604166678
Tiivistelmä
This bachelor’s thesis examines sustainability reporting of Nordic energy companies and how it changed due to the regulatory shift in EU reporting from the Non-Financial Reporting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD). The aim of the thesis was to provide understanding into how large energy companies disclose sustainability information across environmental, social and governance dimensions.
The thesis consists of a theoretical and an empirical part. First, the theory and literature on the evolution of sustainability reporting was discussed, followed by mandatory and voluntary sustainability reporting frameworks. Second, qualitative content analysis was applied as the research method for the analysis of the 2022 and 2024 sustainability reports of the chosen companies. The coding scheme was created based on the European Sustainability Reporting Standards (ESRS).
The results showed a clear shift from uneven, climate-dominated and narrative disclosures to expanded, standardised and quantitative reporting. The main differences between the 2022 and 2024 reports across the companies were the overall content scope, disclosure depth and reporting structure. Under NFRD, companies focused on descriptive statements expressing commitments and while certain quantitative indicators were presented, particularly in climate reporting, others lacked measurable data. In contrast, the CSRD disclosures placed a higher priority on metrics, targets and performance tracking, such as carbon reductions linked with science-based targets and detailed supplier audit data.
In conclusion, the differences in reporting represent a change in sustainability reporting from a flexible approach under NFRD to a more structured approach under CSRD. Although all aspects of ESG have undergone improvements, the transition is still in progress. There are differences remaining in implementation, which means complete comparability and balance across topics is yet to be achieved.
The thesis consists of a theoretical and an empirical part. First, the theory and literature on the evolution of sustainability reporting was discussed, followed by mandatory and voluntary sustainability reporting frameworks. Second, qualitative content analysis was applied as the research method for the analysis of the 2022 and 2024 sustainability reports of the chosen companies. The coding scheme was created based on the European Sustainability Reporting Standards (ESRS).
The results showed a clear shift from uneven, climate-dominated and narrative disclosures to expanded, standardised and quantitative reporting. The main differences between the 2022 and 2024 reports across the companies were the overall content scope, disclosure depth and reporting structure. Under NFRD, companies focused on descriptive statements expressing commitments and while certain quantitative indicators were presented, particularly in climate reporting, others lacked measurable data. In contrast, the CSRD disclosures placed a higher priority on metrics, targets and performance tracking, such as carbon reductions linked with science-based targets and detailed supplier audit data.
In conclusion, the differences in reporting represent a change in sustainability reporting from a flexible approach under NFRD to a more structured approach under CSRD. Although all aspects of ESG have undergone improvements, the transition is still in progress. There are differences remaining in implementation, which means complete comparability and balance across topics is yet to be achieved.