Climate and Carbon
7005EXQ
Title: Emissions Reporting Critique
The SECR (Streamlined Energy and Carbon Reporting) policy of the UK Government was implemented on 1st April 2019, when the Companies (Directors report) and LLP, Limited Liability Partnerships (Energy and Carbon Report) Regulations Act 2018 come into effect. The UK businesses in this scope need to comply with the FY (Financial years) starting on 1st April 2019 and thus need to interpret their requirements under the SECR. Requiring organizations for making disclosures on Energy and Carbon need to provide key information for the financial actors and investors for helping them navigating a transition to low carbon, sustainable economy (1).
Hence, this assignment aims at focusing on the “Carbon and Energy” reporting of Greencore Group plc, which is a leading manufacturer of convenience foods across the UK. While carrying out this assignment, a critique approach needs to be applied to judge this reporting by the selected firm and based on that, improvement opportunities are to be recommended to this company.
2.1 Methods
The Annual Report and Financial Statements, 2020 released by the respective company do not disclose the methods, they would have used to report GHG and carbon emission. Their report emphasizes their ambition that is to operate with net-zero emissions by 2040, however, their report does not deliver data and information based on their UK energy use with carbon emissions within their Director’s report. For example, how much their products and services could have contributed to carbon footprints as compared to last year is not mentioned in their report. The companys sensitivity towards GHG issues is found to be moderating or free (2). Since the respective company’s disclosure of GHG emissions is unreleased, thus it reflects that the sensitivity of this company towards GHG emission is moderate.
2.2 Completeness and consistency
In the last decade, companies started disclosing information on GHG emissions (3). In this context, the pressure exerted by the external stakeholder of this company fails to influence the completeness and existence of the voluntary GHG emissions disclosures of this company. As per Stakeholder theory, this company might not have responded to the pressure of external stakeholder as it does not adequately disclose its GHG emissions. Even the legitimacy theory in the same sense reflects that the respective company can use the carbon reporting even their information is incomplete for addressing the legitimacy exposures. This means that to avoid scrutiny, this firm does not disclose the emission amounts.
2.3 Clarity and quality
Reporting majorly focuses on the emission of carbon dioxide only, since it is reported as the most significant contributor out of the six GHG (hydrofluorocarbons, perfluorocarbons, sulphur-hexafluoride, methane and nitrous oxide) (4). However, this company’s reporting about carbon footprint was unclear as it did not mention its calculated carbon footprint. For example, a leading retailer of UK, Tesco presented its calculated carbon footprints from 2019-2020, given below:
Figure 1: Carbon footprint by different sectors of Tesco
(Source: 1)
This kind of clarity and quality presentations is missing in the GHG disclosure and reporting by Greencore Group plc, however, what they have targeted in the upcoming years is well mentioned in their reporting given below:
Figure 2: Ambition of Greencore
(Source: )
2.4 Facts and figures
Voluntary disclosures are through nature discretionary along with subjectivity, thus other than reflecting pressure, a company faces, it also demonstrates the interpretation and knowledge that the managements assigns (6). While considering the voluntary disclosure of the respective company irrespective of their stakeholder’s pressure, it is identified that there is a lack of knowledge and interpretation its management assigns to disclose GHG emissions. This would be the reason for which there is a lack of facts and figures in their annual report reporting GHG emission. Furthermore, based on GHG protocol, there is no such relevant data in the report, which could have revealed that in 2020, how much this company has contributed in carbon emissions as per the scope of GHG emissions set by the UK Government (7).
It is recommended to this company to reveal the data reflecting their contribution to carbon footprint as its sustainability report of recent FY reflects their pledges of sustainability to reduce its net zero emissions by 2040 (8). Hence, it is recommended to reveal that whether they could meet their pledge or not, before that further reporting on GHG disclosure needs to be carried out as per the GHG protocols set by the UK Government. For example:
| Scopes | Actions to be revealed in reporting |
| Scope 1 | Lead this company to disclose the activities they would have carried, which might have directly contributed to carbon emissions. For example heating boilers, elements of fugitive emissions from AC units, medical gases used in care provisions |
| Scope 2 | Revealing the emissions by Greencore, which are released as an indirect consumption of energy commodities, for example, purchase of grid electricity utilized in their operations |
| Scope 3 | Emissions that are all other indirect emissions except electricity, this reporting seems to be relatively new, and the methodologies are yet emerging, which could allow for measurements in many other areas |
Table 1: Set of protocols to an effective GHG disclosure
(Source: 6)
Thus, the respective company in its future reporting approach needs to disclose its GHG emissions as per each scope, although for the third scope, they can reveal limited data and information. Apart from this, the GHG protocols such as GHG Protocol Corporate Accounting and Reporting Standard (2004), GHG Protocol for Project Accounting, GHG Protocol PLC Accounting and Reporting Standard (2011), and many others are to thoroughly be followed while reporting their GHG emissions. Hence, following these protocols would keep the consistent smoothen, make the report clear, of good quality, and indulging only in facts and figures. For example, following the GHG Protocol Corporate Accounting and Reporting Standard, this company would get a standardized methodology, which would lead them to quantify and report their corporate GHG emissions and improve their corporate standard. Furthermore, applying Scope 3 as a methodology of reporting would complement and also build up their corporate standard, which would help in promoting additional consistency and completeness in the way Greencore Group Plc accounts for and reports for indirect emissions from its value chain activities. However, for applying Scope 3, it is suggested to this company that they would account for and then report all scope 1 emissions and all scope2 emissions. This only would let the corporate standard of Greencore giving them flexibility in whether and how for accounting for scope3 emissions.
The GHG protocols state that for the firms to offer a faithful, fair and true account of emissions generated then accounting and reporting need to be based on a set of quality principles such as relevance, completeness, accuracy, transparency, and consistency (9). Thus, these parameters of providing a faithful, true and fair account of GHG emissions need to thoroughly be followed in their accounting and reporting. For example, relevancy between the sources or activity they go through, which results in GHG emissions, however, completeness would decide whether the reporting done by Greencore Plc is unreported, partially reported or fully reported. In order to maintain transparency, escaping scrutiny needs to be avoided, where, Greencore Plc needs to adequately describe emission’s amount in their reporting. The company needs to give a reasonable level of assurance to its external stakeholders by indicating that the calculation with reporting process throughout their firm would likely be quite standardized. This company is recommended to maintain consistency and this could be achieved through the application of global integration with standardization of practices.
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