What is Streamlined Energy Carbon Reporting (SECR)?
SECR is a new set of sustainability regulations for large businesses which will replace CRC submissions. Large businesses will be required to publicly report their energy use, carbon emissions and energy efficiency measures in their Annual General Report.
When is the legislation being introduced?
The legislation will come into force in April 2019 and will replace the current CRC Energy Efficiency Scheme. SECR Reports will be due for submission in April 2020.
Why has SECR been introduced?
SECR has been introduced as it forms part of the Clean Growth Strategy, which aims to improve energy efficiency among businesses by 20% by 2030. Additionally, as per the requirements of the Fourth Carbon Budget, emissions must also be reduced by 51% by 2027.
Who must comply with SECR?
Companies with more than 250 employees, an annual turnover of more than £36m and a balance sheet of £18m or more must comply if they meet 2/3 of the above criteria.
If your organisation already reports on greenhouse gas emissions, it is likely that you will comply with SECR and will need to include extra elements as per the new legislation.
Public-sector firms are exempt from SECR.
If your organisation is required to comply with ESOS (http://compliance365.co.uk/are-you-compliant-with-esos-phase-2/), you may also need to comply with SECR.
What are the benefits of complying with SECR?
SECR allows companies to improve their carbon reduction and energy efficiency. Such improvements could drive financial savings and become an investment area for energy improvement measures.
What are the penalties for non-compliance?
All information recorded through SECR is to be submitted to Companies House. The Conduct Committee of the Financial Reporting Council will be responsible for monitoring compliance of the SECR information provided. If the report does not meet the requirements, the report may be rejected, and a penalty applied for late compliance.
How can Compliance365 help?
Compliance365 can help by compiling the data required to submit under the new legislation and produce a summary report, supporting businesses every step of the way. We can also help you to reduce your consumption and emissions by advising energy efficiency and reduction measures through audits and energy saving solutions. For more information please email sales@compliance365.co.uk or call 01924 669940 and select 2 for sales.