Finance directors lack energy awareness, survey finds |
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| Governance | |
| Written by Catherine Murray | |
| Wednesday, 01 September 2010 | |
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27 per cent of UK finance professionals admit lack of awareness over CRC Energy Efficiency Scheme. A survey by a leading document management software company highlights that over a quarter of UK senior finance professionals are unaware of the CRC Energy Efficiency Scheme (formerly known as the Carbon Reduction Commitment). The research was carried out with 139 senior finance professionals (finance directors and managers) across a range of UK public sector and private sector organisations. The survey reveals that 27% of senior finance professionals admit that they have not heard of the CRC Energy Efficiency Scheme. 17% of respondents state that they are aware of the Scheme and have investigated whether their organisation qualifies or not. Almost half (48%) stated that they are aware of the CRC Scheme but are unsure whether their organisation qualifies. The remaining 8% admit that they "don’t know" whether they have heard about the CRC Energy Efficiency Scheme or not. The CRC Energy Efficiency Scheme is a UK regulatory requirement which came into effect in April 2010 and encompasses the monitoring, measurement and reporting of carbon emissions as well as the buying and selling of carbon emission allowances. The scheme aims to help meet the UK’s target of cutting greenhouse gas emissions by at least 80 per cent by 2050, and is designed to improve energy efficiency in large public and private sector organisations. Measuring and monitoring the CO2 emissions of the UK’s larger energy users and reducing emissions using a financial incentive – by imposing a cost on CO2 emissions - are the two main aspects of the CRC scheme. Qualification for the CRC is based solely on electricity consumption, but once in the scheme, companies must measure and report on emissions from electricity, gas and static fuel consumption. Qualifying companies have until 30 September 2010 to register with The Environment Agency, however due to the Agency needing to run pre-registration checks on businesses’ senior directors, qualifying organisations need to approach The Environment Agency at the beginning of September if they are to register in time. Any qualifying organisation that misses the deadline faces an initial £5,000 fine and a daily charge of £500 until registered (up to a maximum of £45,000). Julian Buck, Managing Director of Version One, comments, "With the CRC Energy Efficiency Scheme having considerable financial implications, it’s worrying that nearly a quarter of financial professionals surveyed haven’t even heard of the CRC. Qualifying organisations that fail to register for the scheme over the next few weeks risk significant fines as well as reputational damage if they are exposed as being non-compliant." Organisations and directors interested in further information about the CRC Energy Efficiency Scheme should visit www.environment-agency.gov.uk. |
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