The latest news from the world of sustainability, the latest views from the brains behind Best Foot Forward
Blog by Craig Simmons, Co-Founder and Director, 22 June 2012
After long delays, the government has announced that carbon reporting will be mandatory for all London Stock Exchange listed companies from April 2013. This was one of the four options presented in the public consultation which started back in May 2011. It was, however, not the most popular option. More than 90% of respondees wanted mandatory reporting to be introduced for all large companies (numbering around 24,000) – not just the 1,100 or so which are listed.
BFF had hoped that the government would take this opportunity to simplify the maze of carbon legislation by merging mandatory carbon reporting (MCR) with the other mandatory reporting scheme; the CRC Energy Efficiency Scheme (which is currently under review). However, this option proved to be even less popular with consultees than the chosen one with all except a few companies and trade associations opposing it.
The government’s Impact Assessment makes interesting reading and implies that the focus will initially be on scope 1 and 2 emisions whilst recognizing that investors, in particular, have an interest in understanding scope 3 (or supply chain) emissions.
The certain consequence of this is that reporting will build on the current ISO14064 and GHG Protocol standards as well as Defra’s own reporting advice. This is the approach already followed by other reporting frameworks, most notably the Carbon Disclosure Project. In fact, those large companies already reporting to the CDP are likely to have to do little to comply with the UK MCR requirements.
Though BFF would be very pleased to add you to the list of clients we have helped with their reporting needs, our company mission is to make a real difference which requires a more diagnostic approach.
Whilst league tables, corporate reports and registries have a role to play – a wider, deeper approach to carbon management is required if the full economic benefits are to be realised. As I am reminded every time I step on to my bathroom scales, repeated measurement doesn’t make me any lighter!
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