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UK Seeks Feedback on Scope 3 Disclosures

The UK government has launched a call for evidence on Scope 3 greenhouse gas emissions (GHG) reporting, to inform its planned endorsement of standards issued by the International Sustainability Standards Board (ISSB). Issued by the Department for Energy Security and Net Zero, the call seeks views on the “costs, benefits and practicalities” of requiring disclosure of Scope 3 emissions, which refer to those upstream or downstream of an entity’s own operations. Under the ISSB’s general sustainability and climate disclosure standards, entities must report Scope 1, 2, and 3 emissions as defined in the GHG Protocol, while the UK’s Streamlined Energy and Carbon Reporting (SECR) framework currently only requires disclosure of Scope 1 and 2 emissions. In August, the government outlined plans for UK Sustainability Disclosure Standards, which would be based on the ISSB’s standards, only deviating “from the global baseline if absolutely necessary for UK specific matters”. The UK’s Financial Conduct Authority has announced plans to consult in Q1 2024 on proposals to implement sustainability disclosure rules incorporating the ISSB’s first two reporting standards for listed companies. Last month, the US state of California introduced a climate disclosure law which required all firms with gross annual revenues above US$1 billion to report on Scope 3 GHG emissions. The consultation also seeks feedback on the UK’s SECR framework as part of a post-implementation review of the policy. The deadline for submissions is 14 December.

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