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SECR requires large UK organisations to disclose their energy consumption, carbon emissions, and energy efficiency measures annually. By compelling companies to scrutinise their energy usage and emissions, SECR fosters a culture of sustainability and efficiency.
In recent years, the global community has faced an escalating challenge: combating climate change while sustaining economic growth. In the United Kingdom, one significant stride towards this dual objective is the implementation of SECR regulation. Designed to enhance climate transparency among UK businesses, SECR is a crucial step towards a more sustainable future.
SECR, introduced by the UK government, represents a significant step towards improving climate transparency among businesses operating within the UK. This regulation acknowledges the dual imperative of addressing climate change risks while concurrently striving for better energy efficiency across industries.
The rationale behind SECR is clear: climate change poses not only environmental threats but also substantial economic risks. Take, for example, the projections by Swiss Re, a leading reinsurance firm, which suggests that without intervention, the world could face a staggering 18% GDP loss by 2050 due to climate-related issues. Such forecasts highlight the urgent need for action. By mandating the disclosure of energy usage and greenhouse gas emissions alongside financial reports, SECR aims to bridge the gap in high-quality data availability, essential for informed decision-making.
SECR is a successor to the Carbon Reduction Commitment (CRC) Energy Efficiency Scheme. Effective since April 1st, 2019, SECR mandates that large UK organisations disclose their electricity usage and greenhouse gas emissions related to energy and fossil fuel usage alongside their financial reports.
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