The CSRD (Corporate Sustainability Reporting Directive) is the EU's new directive for sustainability reporting, requiring large publicly listed companies to standardize their sustainability reporting by 2024. While Devold is not currently mandated to report, the company recognizes the importance of standardized sustainability reporting and staying ahead of the requirements.

Utilizing the software solution Celsia, Devold is now implementing the CSRD reporting across its entire business.

"Devold is acting now to remain competitive in its role as supplier to larger companies that already meet this requirement. Cumulative reporting upward means that the entire value chain counts in the final result. We strive to be a strategic partner and contribute to our end customers achieving their goals," says Trude Ertresvåg, Chief Sustainability Officer at Devold of Norway.

The regulation is part of the EU's action plan for transitioning to a more sustainable economy. The new rules are intended to redirect more capital to companies and activities that solve social and environmental problems, away from those exacerbating the issues. To achieve this, investors, customers, and other stakeholders need accessible, comparable, and reliable information. CSRD is built on the principle of double materiality, considering both how a company impacts society and the environment, and how external factors, such as climate change, affect the company.

Devold and Celsia have entered into an agreement where Devold will play a significant role in the development of functionality aimed at small and medium-sized enterprises.

"Celsia aims to be a software solution for all companies seeking to implement complete and accurate CSRD reporting in an automated and resource-efficient manner. With the partnership with Devold, we increase the focus on smaller companies not yet covered by the regulation and accelerate the development of functionality specifically tailored to them," says Cathrine Dehli, Head of Customer Success & Sustainability at Celsia.

Celsia is already used for EU taxonomy reporting by over 200 companies. Its recently launched module for CSRD reporting solution has been developed with Bonheur ASA, GC Rieber, and Jordanes as pilot customers, and is one of the few specialized reporting tools built on the requirements and methodology of CSRD. Ertresvåg confirms that the use of new and specialized technology is a key measure for Devold to effectively report in line with CSRD.

"Voluntarily taking on such a reporting task now requires us to structure the work efficiently and leverage digitization to its fullest. This must have value beyond reporting for us to justify the time spent – and good data provides good management information," says Ertresvåg.‍

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About Celsia‍

Celsia is a Norwegian software company specializing in solutions for sustainability reporting according to the EU taxonomy, CSRD, and SFDR. Their systems have quickly been adopted by numerous companies and are used by Aker ASA, Bonheur ASA, and Summa Equity, among others.

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‍About Devold‍

Devold of Norway AS is Norway's leading brand in woolen clothing. With a proud history dating back to 1853, their innovative products have been a crucial part of clothing for many major expeditions both domestically and internationally. Under the Devold® brand, they develop and produce underwear, mid-layers, outerwear, classic sweaters, socks, and other woolen accessories. Devold has its own factory in Lithuania, and sustainability in production, proximity to markets, and innovation are central values. Devold's headquarters are in Langevåg, just outside Ålesund, and they have a sales company in Germany.

Devold of Norway AS is part of the Flakk Group, a family-owned conglomerate with global investments and ownership interests in various business areas, including tourism, textiles, aviation, building materials, composites, and renewable energy. The Flakk Group will be subject to CSRD reporting for the financial year 2025 in 2026.