Legislation Mandatory reporting 4/4
the investment now you are actually able to satisfy potential future requirements,” he says.
therefore the metrics for measuring suc- cess,” says Baxter
Long-term vision is therefore crucial, says Baxter, when setting up systems to record, manage and report greenhouse gas emissions, and will be essential for businesses to attract investment and pro- tect their own investments.
“Companies need to think beyond the immediate requirements of the new GHG reporting regulations when they are looking to implement data man- agement and reporting internally. They need to consider the obligations under the current schemes and regulations, but importantly how they might develop in the future so that when you’re making
“It will be about how businesses shape reporting systems to match their overall objectives including where they want to be in 10, 20, 30 years – bearing in mind that we might be doing business, ideally, in a low carbon economy,” adds Baxter. And it’s clear that the regulation is being positioned as game-changer to help create that low-carbon economy, with Government estimating it will save four million tonnes of CO2
emissions
by 2021. And this figure could be con- siderably higher if the requirements are extended beyond the LSE-listed compa- nies. In any case, it should continue to drive behavioural change amongst the big corporate players which, it is hoped, will begin to filter down to smaller companies, currently excluded from the reporting requirements, even if manda- tory reporting is not extended to them. But, says Baxter, future success relies very much on business attitudes and how they approach their reporting responsi- bilities to ensure this is “not reporting for reporting sake but reporting to stim- ulate action to make improvements”.
Mandatory carbon reporting timeline July 2012 Regulation announced
October to December 2012 Regulation finalised December 2012
Consultation on guidance
January to March 2013 Regulation becomes law
April 2013 Onwards Regulation in effect
2015 Regulation to be reviewed
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