New report from the Institute of Environment Management and Assessment states that forced reporting on carbon emissions will benefit business and UK economy.
New research published by the Institute of Environmental Management and Assessment (IEMA), claims that forcing all companies to report on their carbon emissions would result in significant cuts to the UK's carbon emissions while delivering significant cost savings for British firms.According to the report, the number of companies reporting on carbon emissions has grown progressively over the past ten years, with a 20% rise in 2009-10 alone.
Those organizations that have been monitoring and reporting on carbon emissions have made average cuts of 9% to their carbon footprint over the last two years, with large construction and manufacturing firms delivering the largest improvements.In addition, the report also argued that carbon emissions reporting had helped firms reduce their energy bills, improve relations with suppliers and customers, and justify investments in low-carbon technologies and initiatives.Carbon emissions reporting will encourage companies to cut their carbon emissions and help the UK meet its climate change targetsHowever, most UK companies are still not tracking carbon emissions, prompting IEMA to argue that mandatory carbon emissions reporting is the only way to force small and medium sized enterprises to measure their carbon footprint.
The report said that compulsory carbon reporting should be rapidly introduced for large carbon emitters, but other companies would benefit from a process where the speed at which they would be brought into the scheme would depend upon their carbon emission footprints.An IEMA survey found that 80% of environmental professionals would back a mandatory carbon emissions reporting regime. They said that without legislation, carbon emissions reporting would be lost amid competing priorities, such as other legislative requirements and boardroom demand for immediate financial returns.The Executive director of policy at IEMA, presented carbon emissions reporting as an opportunity both to encourage companies to cut their carbon emissions and help the UK meet its climate change targets.The Companies Act offers an opportunity to the government to introduce mandatory carbon emissions reporting requirements, so it is expected to make a decision to do so within the next year.