The UK’s carbon accounting system is fragmented, costly and slowing down the scale‑up of low‑carbon innovation. This report sets out a clear, practical solution: establishing a Carbon Reporting and Innovation Office (CRIO) within the Financial Reporting Council to streamline reporting, cut administrative burden, and deliver high‑quality, comparable emissions data across the economy.
Done right, carbon accounting has benefits for businesses, innovators, investors and government alike, unlocking access to new markets and new finance. Implementing CRIO could be a powerful tool to help achieve the government’s target to cut administrative costs for businesses by 25% over this Parliament.
There are three priority areas for CRIO to tackle, which would have an impact within its first three years:
With modest resourcing and a 12-18 month setup timeline, CRIO offers a credible route to lower costs for businesses, stronger investor confidence, and faster growth in low‑carbon markets.
If you want to understand how smarter regulation can unlock UK competitiveness, reduce reporting burdens, and accelerate Net Zero innovation, this report is essential reading.
Read the report 'A Foundation for Economic Growth: Implementing a Carbon Reporting and Innovation Office'.
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