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August 5, 2019

UK Energy & Carbon Reporting Taxonomy open for consultation

The Financial Reporting Council has opened a consultation on the draft Streamlined Energy & Carbon Reporting (SECR) Taxonomy. The draft is a proposed addition to the FRC Taxonomies suite to reflect the new reporting requirements for energy and carbon data introduced on 1 April 2019. The new requirements apply to all large companies and LLPs as well as to all listed companies and supersede Mandatory Greenhouse Gas Reporting which has been in force since 2013.

In addition to online live responses, some specific questions have been formulating to promote discussion about SECR taxonomy and its use, including whether the right balance has been struck between the mandatory reporting requirements introduced under SECR while enabling organisations to go further and align to other commonly used methodologies such as the GHG protocol. The question of whether the Task Force for Climate Disclosure (TCFD) should form part of the SECR taxonomy is also raised.

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