Deputy Prime Minister Nick Clegg has confirmed that all businesses listed on the London Stock Exchange (LSE) will have to report on the greenhouse gases they emit under new plans.
From the start of the next financial year, firms will have to include this information in their annual reports. There are currently more than 2,500 firms listed on the LSE, including giants such as Vodaphone, Shell and M&S. However, there is no minimum size to join it; typically smaller firms listed will be valued in the low millions. The UK will be the first country in the world to make it compulsory for companies to include emissions data for their entire organisation.
Announcing the news at the UN's Rio+20 sustainability talks in Rio de Janeiro, the Lib Dem leader said, "British companies need to reduce their harmful emissions for the benefit of the planet but many back our plans because being energy efficient makes good business sense too. It saves companies money on energy bills, improves their reputation with customers and helps them manage their long-term costs."
It has been estimated that mandatory reporting could save four million tonnes of carbon dioxide emissions by 2021.
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