Government says streamlined energy and carbon reporting ‘to be mandatory’
According to a report in Accounting Daily, the government has decided on mandatory streamlined energy and carbon reporting (SECR) reporting following a Department for Business, Energy and Industrial Strategy (BEIS) consultation which attracted 155 responses.
This consultation found that 75% of respondents favoured this approach, which will build on the existing mandatory reporting of greenhouse gas emissions by UK quoted companies and the energy savings opportunity scheme (ESOS).
In its response to the consultation’s findings, BEIS stated: ‘Whilst we acknowledge some of the concerns raised about using this route, we are keen to benefit from the simplification and administrative burden reduction of aligning with existing mandatory greenhouse gas reporting. This is also the main reason for using director’s reports, due to the current obligation on quoted companies and as it was also the preferred place in annual reports of the majority of those who expressed a preference.
‘Additionally, use of annual reports is in line with the Financial Stability Board’s taskforce on climate-related financial disclosures which recommends including climate-related disclosures as part of mainstream financial filings.’
Accounting Daily reports… The new SECR reporting framework will apply to all quoted companies and to large UK incorporated unquoted companies which meet two or more criteria within a financial year. These are having at least 250 employees or annual turnover greater than £36m and annual balance sheet total greater than £18m.
Click to read the report published 19/07 – Streamlined energy & carbon reporting Government Response