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June 20, 2012
UK Mandates Emissions Reporting for Public Companies
    by Robert Kropp

Deputy prime minister Nick Clegg is expected to announce at Rio+20 today that all 1,800 companies listed on the London Stock Exchange's Main Market will be required to report on greenhouse gas emissions.


The Rio+20 conference on sustainable development officially opens today, and The Future We Want is expected to get underway with an announcement that the 1,800 companies listed on the London Stock Exchange will be required to report their greenhouse gas (GHG) emissions in their annual financial reports.

W riting in the Guardian, deputy prime minister Nick Clegg stated, "While nine out of 10 chief executives say sustainability is fundamental to their success, only two out of 10 record the resources they consume."

"From the start of next financial year, all firms listed on the London Stock Exchange will have to report the levels of greenhouse gases they emit," Clegg continued. The mandate is expected to grow to include all 24,000 large companies based in the UK by 2015.

The Carbon Disclosure Project (CDP) responded to Clegg's announcement by stating, "Last year two thirds of the FTSE 350 disclosed their greenhouse gas emissions and climate change information to their shareholders through CDP."

The FTSE 350 Index includes the largest 350 companies listed on the London Stock Exchange.

"The UK must now take a position of global leadership by introducing regulation that ensures companies are required to make a full assessment of how climate change is expected to affect their business," CDP continued.

CDP encouraged the UK government to adopt the climate change reporting framework of the Climate Disclosure Standards Board (CDSB). CDSB provides a standardized format for climate change-related disclosure in the financial reports of organizations. It is a project of CDP, which is supported by 655 institutional investors representing $78 trillion in assets under management.

"This latest move from the Government is a much-needed response to market needs and an important step towards improved valuation of environmental risk," CDPís executive chairman Paul Dickinson said. "Regulation is essential in moving us towards a low carbon economy."

 

 
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