UK to require big companies to report CO2 emissions from April 2019

by Reuters
Wednesday, 18 July 2018 16:29 GMT

Construction work is seen on high-rise office blocks in the financial district of London, Britain, July 11, 2018. REUTERS/Phil Noble

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The government said it wants businesses and industry to improve energy efficiency by at least 20 percent by 2030

(Updates with more details)

LONDON, July 18 (Reuters) - Big companies will have to report their energy use, carbon dioxide emissions and energy efficiency measures in their annual reports from next April under a new framework set out by the British government on Wednesday.

The government said it wants businesses and industry to improve energy efficiency by at least 20 percent by 2030.

A previous company reporting scheme, called the CRC Energy Efficiency Scheme, was too complex for businesses and will be closed. The new framework will simplify and streamline reporting requirements.

The new framework will apply to all quoted companies.

It will also apply to big UK-incorporated unquoted companies and limited liability partnerships with at least 250 employees or an annual turnover greater than 36 million pounds ($47 million) and annual balance sheet total greater than 18 million pounds, the department for Business, Energy and Industrial Strategy said in a statement.

Companies will not be obliged to disclose information that their directors believe would seriously harm the company's interests, the government said.

Concerns in the investment community that assets are being mispriced because climate risk is not being factored into financial reporting have prompted demands for more transparent climate-related financial information.

($1 = 0.7672 pounds)

(Reporting by Nina Chestney; Editing by Adrian Croft)

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