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What are NACE and NACE Codes?

NACE is a standardised framework established by the European Union to categorise economic activities and industries across its member states.

The NACE system provides a common framework for statistical and regulatory purposes such as:

  • Classifying economic activities and comparing economic data in a standardised way.
  • Identifying high-impact climate sectors (industries with significant impact on the environment and society).
  • Supporting regulatory frameworks such as the ESRS, SFDR, and the EU Taxonomy Regulation.

NACE Codes

The NACE framework uses “NACE codes” to classify and structure economic activities.

A NACE code consists of four hierarchical levels:

  • Level 1 - Section (Letter): A broad activity identified by an alphabetical code (e.g., H for Transportation and Storage).
  • Level 2 - Division (2-digit number): A specific industry category (e.g., H50 for Water Transport).
  • Level 3 - Group (3-digit number): A subcategory within the division (e.g., H50.1 for Sea and Coastal Passenger Water Transport).
  • Level 4 - Class (4-digit number): An activity description for certain economic activities (e.g., H51.2.1 - Freight air transport).

For more information on NACE and NACE codes, please see the NACE Manual (Link - NACE Rev. 2 Manual).

Atlas Metrics also recommends reading the following FAQs:

Can an organisation have one or multiple NACE codes? 

 

 

Glossary, Definitions, and Links

ESRS - European Sustainability Reporting Standards. European Union regulatory guidelines under the Corporate Sustainability Reporting Directive (CSRD) standardizing how organisations disclose their environmental, social, and governance (ESG) impacts.

NACE - Nomenclature of Economic Activities. NACE is a standardised framework established by the European Union to categorise economic activities across its member states.

Link - NACE Classification (Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council (18) as defined in Commission Delegated Regulation (EU) 2022/1288 (19)).

Link - NACE Rev. 2 Manual (Statistical classification of economic activities in the European Community).

SFDR - Sustainable Finance Disclosure Regulation. European Union regulatory guidelines require financial market participants to disclose sustainability-related information on environmental, social, and governance (ESG) factors in investment decisions and financial products.