Member Article

CIMA helps Reading businesses prepare for Carbon Reporting

Local businesses in Reading met on Tuesday evening at an event run by the Chartered Institute of Management Accountants (CIMA) to hear about how the government’s new carbon reporting laws are likely to impact on them and the way the operate.

This highly topical area will be important for many of the large businesses who are headquartered, or have offices, in or around Reading. The UK is the first country to make it mandatory for businesses to report their greenhouse gas emissions and many businesses in Reading will have to gear themselves up for the new way of reporting. The legislation has made it a requirement that quoted companies report emissions for the financial years ending after 1 October 2013 and this is expected to be rolled out to all large companies from June 2015.

At the event, held at the Hilton Hotel on Drake Way, the attendees heard from speaker Jean-Francois Lowes, BSc, MBA, ACMA, CGMA of Xcarbon Ltd about the steps a company must undertake to prepare to publish carbon reports, what data must be collected, how emissions must be calculated, what information must be published and about key issues such as verifying energy data quality.

Jean-Francois Lowes, said “It will be necessary for all businesses, including those in Reading, to assess their readiness for carbon reporting and ensure they have the necessary systems, processes and resources in place. Ultimately, carbon reporting will link sustainability to business reporting which will help businesses understand their carbon emissions and identify opportunities to reduce costs, improve their reputation and manage long term business risks.

CIMA in Reading held the event as management accountants will be at the heart of these changes, having to align carbon reporting to the financial reporting cycle and apply a financial mindset to the collection of sustainability data.

This was posted in Bdaily's Members' News section by CIMA UK Regional News .