carbonfit - blog - UK carbon reporting guidance

Organizations that meet the qualifying criteria must report the following in their annual reports: Scope 1 and Scope 2 greenhouse gas emissions (direct and indirect emissions from energy use) Energy consumption from electricity, gas, and transport. Related intensity ratios or metrics (e.g., emissions per unit of revenue).There is no requirement to report Scope 3 emissions (indirect emissions from sources not owned or controlled by the reporting organization), but voluntary reporting is encouraged

Carbon reporting guidance for UK business

In this ever-evolving era of heightened environmental consciousness, reporting requirements have evolved into a powerful tool for transparency and accountability. Gone are the days when sustainability reports were merely an afterthought; they now occupy center stage in the corporate arena, reflecting a deep commitment to sustainable practices and responsible business. The United Kingdom, has introduced stringent carbon reporting requirements to measure and manage greenhouse gas emissions to provide transparency in reporting, reduce carbon footprints and transition towards a more sustainable future.

Task Force on Climate-Related Financial Disclosures

Require all large UK companies with over 500 employees and £500 million in turnover (including general insurance companies) Requires all large UK companies with over 500 employees and £500 million in turnover (including general insurance companies) + Companies are encouraged to report on how they assess and manage climate-related risks and opportunities, including the integration of climate-related considerations into their planning

Governance

Describe the boards oversight of climate- related risks and opportunities and Describe managements role in assessing and managing climate related risks and opportunities

Strategy

Describe the climate related risks and opportunities the organisation has identified over short, medium and long term. The impact of climate related risks and opportunities the organisations business strategy and financial planning. The resilience of the organisations strategy takeing into consideration different climate related scenarios including 2 degress or lower.

Metrics and targets

Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks. Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets