Top net zero policies to watch in 2024
Welcome to the newest edition of our Do More Good Newsletter, the Planet Mark guide to a more sustainable future.
Following the success of our webinar ’Stay ahead of net zero policy’, we're excited to share the five key net zero policies and regulations your businesses should be aware of in 2024.
UK Policies: SECR and ESOS
In the UK, over 15,000 large and medium-sized businesses will be directly affected by SECR and ESOS. Let's delve into each of these UK government policies.
SECR (Streamlined Energy and Carbon Reporting)
SECR is the UK government's initiative to drive action towards a low-carbon economy and direct benefits like transparent reporting, stakeholder engagement, and carbon emission mitigation.
SECR applies to companies that meet two or more of the following criteria in a financial year:
·?? More than 250 employees
·?? Over ￡36m annual turnover
·?? Over ￡18m on annual balance sheet
SECR is currently under review for alignment with IFRS requirements (a set of accounting rules for how information should be gathered and presented in financial reports), potentially expanding the reach to include scope 3 emissions, requiring businesses affected to expand the reporting parameter and introduce supply chain engagement to mitigate these emissions.
ESOS Phase 3 (5th June 2024 Deadline)
The Energy Savings Opportunity Scheme (ESOS) mandates energy audits every four years for large UK organisations.
Phase 3, with a deadline of 5th June 2024, requires compliance from organisations with 250+ employees or annual turnover exceeding ￡44M and an annual balance sheet totalling over ￡38M. Non-compliance can result in fines of up to ￡50,000.
Last year's updates strengthened reporting requirements, including a wider scope of your total energy consumption, public disclosure of recommendations, and mandatory annual progress reviews.
EU Policies: Corporate Sustainability Reporting Directive (CSRD) and Business Travel Reporting
Outside the UK, the EU’s CSRD comes into effect this year, impacting approximately 50,000 businesses. It mandates double materiality measurement and disclosure of emissions and sustainability risks. The directive aims to drive accountability, transparency, and sustainable practices, requiring companies to report various ESG metrics to enhance understanding and response.
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Netherlands: Business Travel amp; Commuting Reporting
In the Netherlands, the Work-Related Mobility of Persons (WPM) mandate requires businesses with 100+ employees to report the total kilometres travelled per transport and fuel type; this is an interesting example of government-mandated gathering of raw carbon-relevant data.
Effective from July 1st, 2024, this initiative promotes transparency and accountability, encouraging organisations to thoroughly measure and report their carbon emissions.
Global Policies: ISO Net Zero Guidelines
The ISO Net Zero Guidelines are the first end-to-end net zero governance framework available, aimed at aligning organisations in their approach to achieving net zero. Planet Mark proudly endorses the guidelines, being among the first global early adopters. We’ve integrated these guidelines into our Net Zero Programme to ensure our members adopt credible targets and robust strategies.
Building upon, the ISO Net Zero Guidelines, a full standard is underway intending to launch at COP30.
By staying informed and proactive, you can stay ahead of the curve on net zero policy and legislation.
Here are some tools and resources experts Andrew Griffiths , Director of Policy & Partnerships, Planet Mark and Sarah Goodenough , Head of Policy, Climate Policy Radar shared during the webinar that help businesses keep ahead of these policies:
1.? Planet Mark Carbon Policy Tracker: Receive a tailored report based on your business size/location.
2.? Climate Policy Radar: Data science and AI for researching climate change policies and laws
3.? Climate Action Tracker: Understand and compare the impact of national policies and targets on net zero.
4.? UK Green Building Council Newsletter: A brilliant resource, especially for the built environment
5.? Government Updates: Subscribe to mailing lists such as the UK DESNZ for the latest information.
In other News
The net zero journey: overcoming the hurdles to success webinar
Join us on May 30th for an empowering webinar dedicated to accelerating your organisation's journey towards net zero. Register here to learn practical strategies to address requirements from management and lead a comprehensive campaign.
Planet Mark Earth Day Litter Pick
Independent Entrepreneur and Business Leader - Focussed on Technology and ESG
7 个月Thanks Planet Mark for this really helpful overview of some of changes in #sustainability and #climatechange policy we are likely to see this year.