Streamlined Energy and Carbon Reporting (SECR) is a new, annual reporting requirement for quoted companies, large unquoted companies and large Limited Liability Partnerships (LLPs). In April 2019, the reporting elements of the former CRC Energy Efficiency Scheme will be transfered into the new SECR scheme.
Who needs to report?
Large unquoted companies and large LLPs are obliged to report their UK energy use and associated greenhouse gas emissions as a minimum relating to natural gas, electricity and transport fuels. These companies will also need to report an intensity ratio and other information relating to energy efficiency action, through their annual reports.
Quoted companies of all sizes must continue to report their global greenhouse gas emissions and an intensity ratio through their annual reports. In addition, they are now required to report their total global energy use and information relating to energy efficiency action, plus the methodology used to calculate the new and existing disclosure requirements.
Where the new guidelines say ‘large’, it means a company or LLP which it satisfies two or more of the following in a year:
• Turnover of £36 million or more
• Balance sheet total of £18 million or more
• Number of employees 250 or more
What are the SECR deadlines?
Where your usual financial reporting year is 1 January to 31 December, the first financial year for which you must comply with the new requirements will be 1 January 2020 to 31 December 2020. If your usual financial year is 1 April to 31 March, the period will be 1 April 2019 to 31 March 2020.
If your business has not prepared energy and carbon metrics before, you should begin planning to do so. There can be a significant lead time to collate the necessary information. Tricarbon are experts in measuring and reporting energy and carbon metrics for a range of diverse corporate clients. Get in touch and let us help get you prepared for SECR.
Our recent blog post has more details on SECR and how it will affect those required to report.