How can an SMEs leverage the EU’s new voluntary VSME standard for sustainability reporting to drive business growth and gain a competitive edge? Discover why integrating sustainability and responsible business practices into your operations is a smart business move—and how esgResilience can simplify your reporting process. This recording is in Finnish.
🎙️ Featuring: Hanna Silvola (Hanken), Jukka Honkaniemi (esgResilience), Atte Palomäki (moderator)
"I had the opportunity to test the esgResilience service during its pilot phase, and the overall experience exceeded my expectations. Relatively little of my own working time was spent on data entry, and given the time spent, the report produced by the system surprised with its breadth and clarity Highly recommend!"
"Responding to the esgResilience survey and reviewing the report was useful, indicating our company’s main sources of GHG emissions and where we should focus our efforts regarding sustainable business development. We also learned more about climate risks and key concepts related to sustainability reporting. We felt that responding to the questionnaires and going through the report was good preparation for the future, as tightening sustainability reporting requirements will also impact SMEs through stakeholders."
In Puuha Group's strategy, ESG is the reference environment that we take into account in our daily operations. To ensure the sustainability of our business in all its aspects in the future, we have assessed the carbon footprint of both our company and our products over the past year, set a target timetable towards carbon neutrality and prepared for tomorrow with a climate risk analysis provided by esgResilience. esgResilience produced a report that brings great clarity to a complex topic, helping us to develop our operations in an increasingly responsible way.
The climate and sustainability impacts of businesses are increasingly shaping access to and the cost of financing. Stricter regulations require banks and other financial institutions to assess their customers’ environmental and social impacts, while public funding is increasingly focused on supporting the green transition and climate action.
The Corporate Sustainability Reporting Directive (CSRD) mandates large corporations to report annually on their sustainability efforts under the European Sustainability Reporting Standards (ESRS). This has created a ripple effect, driving demand for sustainability data from suppliers and partners.
To support SMEs in meeting these demands and navigating the green transition, the EU has introduced Voluntary Sustainability Reporting Standards (VSME). This framework simplifies ESG data requests and provides SMEs with a standardized approach to sustainability reporting.
ESG stands for Environment, Social, and Governance, referring to environmental responsibility, social responsibility, and good governance. Responsible companies operate as sustainably as possible, considering all ESG factors material to their business. In other words, the impact on the environment and society. In the business world, resilience refers to the ability to adapt to changes and transform challenges and external crises into opportunities that strengthen sustainable competitiveness.
The EU Taxonomy is a classification system designed to promote sustainable finance. Its primary goal is to identify environmentally sustainable economic activities, direct investments toward green initiatives, and encourage businesses to adopt more sustainable practices. By providing standardized guidelines and definitions of sustainability across various sectors, the Taxonomy ensures clarity and consistency. It plays a vital role in advancing the EU’s environmental objectives and accelerating the green transition by channeling funding into sustainable projects and initiatives.
We calculate your emissions according to the GHG Protocol, categorized into Scope 1, 2, and 3 emission classes. Scope 1 and 2 emissions are calculated using product- and location-specific emission factors, while Scope 3 emissions are estimated using high-level emission factors.
The CSRD (Corporate Sustainability Reporting Directive) will apply to all large companies that meet two of the following three criteria: turnover exceeding €50 million per year, a balance sheet total of more than €25 million and more than 250 employees (averaged over a year).
ESRS stands for European Sustainability Reporting Standards, which are a set of mandatory reporting guidelines developed by the European Financial Reporting Advisory Group (EFRAG). These standards are designed to help companies meet the requirements of the Corporate Sustainability Reporting Directive (CSRD) by providing a framework for disclosing environmental, social, and governance (ESG) information.
Published in December 2024 EU VSME stands for Voluntary Sustainability Reporting Standards for SMEs, a framework introduced by the European Union to help small and medium-sized enterprises (SMEs) navigate the growing demands for sustainability reporting.
These standards are tailored specifically for SMEs, providing a simplified and flexible approach to ESG reporting compared to the more comprehensive requirements for large corporations under the CSRD and ESRS. This initiative ensures that SMEs can contribute to the EU’s sustainability goals while maintaining competitiveness in an increasingly eco-conscious market.
After completing the survey, you will receive a report of your ESG profile to help you assess the sustainability of your business. You can compare your results to industry-specific targets, set goals for sustainable business development, and communicate your climate objectives and sustainability initiatives to key stakeholders. Sustainable business development secures future financing, strengthens customer relationships, and positions you to capitalize on green growth opportunities.
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