REPORTING ON CARBON LIABILITIES

That this House acknowledges the need to mitigate and adapt to climate change; looks forward to a successful global deal on climate change at Copenhagen later this year; notes that in a future carbon-constrained world businesses will need to account for the carbon intensity of their operations and products, particularly in the oil, gas and power sectors; believes that transparent reporting of the lifecycle carbon impacts of these operations and products as financial liabilities is the best way to enable investors and pension funds to factor in carbon risks to investment analysis and support emissions reductions and low-carbon growth; further notes the massive hidden carbon costs of the exploitation of unconventional fossil fuels such as oil sands, which emit on average three times more carbon dioxide in their extraction and production than conventional oil and represent a significant carbon risk for investors; also notes that new coal-fired power stations have lifespans of over 40 years; and therefore calls on the Government to require all UK-listed companies in the oil, gas and power sectors to report on their total carbon liabilities.