To ask the Secretary of State for Business, Innovation and Skills, if he will make an assessment of (a) the implications for his policies of the French government's proposed introduction of carbon reporting obligations for institutional investors under Article 48 of the Energy Transition Law and (b) the potential merits of introducing similar legislation in the UK; and if he will make a statement.
Answered on
10 September 2015
The Government requires quoted companies to report on greenhouse gas emissions for which they are responsible. Quoted companies are also required to report on environmental matters to the extent it is necessary for an understanding of the company’s business within their annual report. In the Summer Budget 2015, the Government announced it will review the business energy efficiency tax landscape and consider approaches to simplify and improve the effectiveness of the regime. The review will consider the Climate Change Levy (CCL), Carbon Reduction Commitment energy efficiency scheme and their interaction with other business energy efficiency policies and regulations. The Government aims to develop a simple, fair and more efficient energy environment for business that minimises administrative burdens and incentivises business to invest, save carbon and grow. A consultation will be launched in autumn 2015. The Government also supports the Carbon Disclosure Project and encourages companies to measure their environmental risk to be better able to manage these risks strategically. The introduction of carbon reporting obligations for institutional investors in France is a matter for the French Government.