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From financial years beginning on or after 1 April 2019, large UK companies will be required to report publicly on their UK energy use and carbon emissions within their Directors’ Report. This new requirement has been implemented by the Department for Business, Energy and Industrial Strategy (BEIS).
SECR will impact any companies, LLPs and groups that exceed at least two of the following three thresholds in the financial year:
For businesses meeting the above criteria, company or group reporting is required regardless of whether an overseas parent company or group has published a similar report. A group may however exclude any energy and carbon information relating to any subsidiaries which would not be obliged to report individually according to the thresholds. After undertaking a calculation, where a company has consumed less than 40MWh, a disclosure is not required.
UK (and UK offshore) energy use and related Scope 1 & 2 Greenhouse Gas (GHG) emissions.
Compliance with the reporting requirements can be complex and confusing, especially for companies reporting for the first time. SECR reporting also presents an opportunity for private companies to monitor their environmental performance and identify areas for improvement.