Policy update - Preparing for GHG reporting
- Reporting ,
- Guidance ,
- Corporate governance
IEMA's policy and practice lead on climate change and natural environment, Nick Blyth, describes new guidance on mandatory GHG reporting
Ahead of new legislation requiring many large UK firms to report their greenhouse-gas (GHG) emissions, IEMA has developed guidance on preparing for the new Regulations. The main questions to consider are:
- Who needs to report? Quoted companies that are UK incorporated and whose equity share capital is officially listed on the main market of the London Stock Exchange; officially listed in a European Economic Area; or admitted to dealing on the New York Stock Exchange or NASDAQ. The rules affect about 1,100 companies.
- What will they report? Scope 1 and 2 GHG emissions, covering the six primary Kyoto gases. Firms are also required to report on UK and international emissions and to disclose a GHG intensity ratio.
- What methodology is required? The Regulations do not specify a GHG calculation method or standard. However, they do require the transparent disclosure of GHGs – for example, by stating the approach used.
- Is audit/verification required? There is no requirement to verify emissions data. However, most companies are expected to seek verification and there are some requirements on the statutory auditor of the financial statement.
- When will companies need to start reporting? The rules come into force for company reporting years ending on or after 30 September 2013. So, for firms with reporting years running from January to December, the first reporting year is 1 January 2013 to 31 December 2013.
These points were covered in a webinar on 22 April. For members unable to attend, information on the necessary preparations can be found on iema.net.
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