UK Deputy Prime Minister Nick Clegg announced today that all companies listed on the London Stock Exchange’s main market will have to start reporting their greenhouse gas emissions.
Speaking at the Rio+ Summit, Clegg said that the mandatory reporting requirements make business sense as well.
“Many back our plans because being energy efficient makes good business sense. It saves companies money on energy bills, improves their reputation with customers and helps them manage their long-term costs too.”
The new regulations will be introduced from April 2013, covering the next financial year. They will make the UK the first country to introduce compulsory reporting of emissions data with annual reports.
The government will review the new requirement in 2015 and consider whether it should be rolled out for all large companies from 2016 onwards.
Earlier this year, the Department of Environment, Food and Rural Affairs (DEFRA) failed to make a decision on mandatory carbon reporting, missing the deadline set out in the 2008 Climate Change Act.
Many companies have been calling for compulsory emissions reporting for some time and the government’s move is being backed by both the CBI and the Aldersgate Group.
“The vast majority of businesses strongly welcome the introduction of mandatory carbon reporting,” says executive director of the Aldersgate Group, Andrew Raingold. “This is an area where corporate executives have been demanding more regulation from government to provide greater clarity and transparency.”
The regulations will lead to cost savings for businesses and provide new opportunities in energy efficiency, he adds.
For further information:
CBI calls on UK government to review green taxes (18-Jun)
UK government fails to make decision on greenhouse gas reporting (29-Mar)
CBI calls again for mandatory carbon reporting for businesses (6-Jul 2011)
UK Aldersgate Group calls for mandatory carbon reporting (29-Nov 2010)
Article source: http://www.energyefficiencynews.com/i/5198/