Nature and Biodiversity

The UK government wants large companies to report their CO2 emissions

Typhoon jets take part in a flypast over the financial district to mark the centenary of the Royal Air Force (RAF) in London, Britain, July 10, 2018. REUTERS/Kevin Coombs

The government wants all business to improve energy efficiency by 2030. Image: REUTERS/Kevin Coombs

Reuters Staff
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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.

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