7 things you need to know about SECR
- SECR stands for Streamlined Energy and Carbon Reporting, a new UK Carbon Reporting framework. Companies in scope of the legislation will need to include their energy use and carbon emissions in their Directors’ Report as part of their annual filing obligations.
- It starts on 1 April 2019 and companies will need to report annually, reporting deadlines align with the company’s financial reporting year.
- The scheme affects UK quoted companies and ‘large’ unquoted companies and LLPs, defined as those meeting at least two of the following; 250 employees or more, annual turnover of £36m or more or an annual balance sheet of £18m or more.
- It will affect over 11,000 firms from high street retailers to manufacturers.
- SECR requires companies to report the following: their Scope 1 (direct) and Scope 2 (indirect) energy and carbon emissions (electricity, gas and transport as a minimum). Previous year’s figures for energy and carbon. At least one intensity ratio (e.g. tCO2/turnover). Detail of energy efficiency action taken within the reporting year. Reporting methodology applied.
- Not meeting the reporting requirements can result in accounts not being signed off and missing the filing deadline could lead to a civil penalty. So it’s important for organisations to fully align communications between their energy and finance teams and to get a head start where possible!
- There is an overlap with other reporting and compliance schemes such as ESOS so savvy businesses can save time and hassle by using data collection from one to support compliance with another.
Find out more by downloading our SECR factsheet here https://hubs.ly/H0h2jWT0
The end of CRC
The final reporting period for the Carbon Reduction Commitment Scheme (CRC) concluded in March this year. Qualifying companies now only have to manage the final...
Renewable Obligation mutualisation costs added to customer bills
What are mutualisation costs? To ensure that the Renewables Obligation (RO) scheme runs smoothly, Ofgem calculates a buy-out price and mutualisation ceiling. Where suppliers do...