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Response to Department for Business & Trade consultation on developing an oversight regime for assurance of sustainability-related financial disclosures

Energy Systems Catapult has developed recommendations for an economy-wide Carbon Regulator to oversee carbon accounting and third-party verification or assurance of emissions data in the UK.

The functions of a Carbon Regulator should be added to the remit of the Audit, Reporting and Governance Authority (ARGA, currently the Financial Reporting Council).

Our future Net Zero economy relies on credible emissions data. A Carbon Regulator, with economy-wide regulatory oversight, can provide clarity for producers and users of emissions data, build an accurate ‘whole systems’ view of UK emissions, facilitate innovation and solidify the UK’s global influence. 

Our work on Operationalising a Carbon Regulator formed part of the Innovate UK funded Carbon Accounting Programme, led by High Value Manufacturing Catapult in collaboration with Connected Places Catapult, Digital Catapult, Satellite Applications Catapult, and Energy Systems Catapult. 

Key points

We recommend that: 

  • The Audit, Reporting and Governance Authority (ARGA, currently the Financial Reporting Council) should be given the remit of economy-wide Carbon Regulator. 
  • The Carbon Regulator focus on providers of carbon accounting services, to ensure they meet appropriate standards of professionalism and accuracy.  
  • The Carbon Regulator ensure that the approach to regulating in-house carbon reporting functions is proportionate.  
  • A consistent approach to mapping emissions across the economy is developed, including through the creation of standardised emissions factors.  
  • A suitably empowered Carbon Regulator should play a key role in achieving consistency and clarity on carbon accounting on an international scale.

Read the Consultation Response

Energy Systems Catapult’s response to the Department for Business & Trade’s consultation on Developing an oversight regime for assurance of sustainability-related financial disclosures.

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