More UK companies must set emission targets: Report

The report, produced by PricewaterhouseCoopers, shows UK companies are disclosing the highest ever levels of greenhouse gas emissions at 390 million metric tons of CO2-equivalent, equating to 61% of total UK emissions. Yet despite the significant influence they hold in the UK's level of emissions, just 35% of companies listed on the FTSE 350 disclosed emissions reduction targets. This is lower than the 51% of Global 500 companies reporting emission reduction targets to CDP. "This year the UK's largest businesses are showing year-on-year improvement in the quantity and quality of climate change data disclosed," said CDP's chief executive Paul Dickinson. "Yet with regulation such as the Carbon Reduction Commitment and the EU Emissions Trading Scheme making climate change an increasingly material issue, a greater number of UK companies need to be setting emissions reduction targets. A new global deal will be essential in providing a framework for businesses to set these targets." Ian Powell, chairman and senior partner, PricewaterhouseCoopers said, "The launch of this year's CDP FTSE 350 report comes at a critical stage in the run up to the December Copenhagen Climate Change Conference. The highest ever levels of greenhouse gas emissions reported stems from more companies being able to more accurately measure and report their emissions. More companies understand the issues, and as the performance pilot demonstrates, more are seeing climate change in business terms of opportunity and return on investment too. Markets need this kind of information, as much as business needs an international framework and agreement on carbon emissions targets this year, in order for them to invest for the transformation to a low-carbon global economy."