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10 Mar 2010 09:03:01

Companies not prepared for CRC scheme, says report

Companies not prepared for CRC scheme, says report
Firms in the UK which spend £1 million or more annually on energy bills are risking damage to their reputation by not preparing for the government's Carbon Reduction Commitment (CRC), which comes into force on April 1st.

A report from accountancy firm KPMG has found that companies are insufficiently prepared for the scheme and could find that they suffer financial penalties for compliance failure.

One of the potential trouble areas identified by the paper was incorrect reporting, with up to two-thirds of firms understating their carbon figures.

Vincent Neate, head of sustainability at KPMG, said: "Some (companies) are hopeful of a last minute postponement of the scheme, thinking this is signalled by the delays in clarifying some of the more complex areas of the scheme."

Mr Neate also pointed out that many organisations did not fully appreciate the early action bonus scheme, which could mean they miss out on revenue.

The figures from the CRC will be used to create a league table that will be the basis of a bonus and penalty system, where top performers will be rewarded from the financial penalties given to those at the bottom.



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