CORPORATE REPORTING OF CARBON EMISSIONS

That this House believes that tackling climate change is one of the most urgent issues that the UK faces; fully supports the urgent need for the UK to shift to a low carbon economy and to take advantage of the opportunities of a green economy; notes that investment decisions will be crucial to the success of this transition and that transparency and greater information on carbon emissions and risks will be essential to ensure sustainable investment flows; further notes that companies' expanding carbon intensive projects such as the extraction of oil sands in Canada will face increasing future carbon liabilities as the carbon price increases; further believes that investors should be aware of these risks and have access to the information they need to manage them; recalls that a survey in 2009 of 39 fund managers who are responsible for 6 trillion of funds found that 86 per cent. were in favour of mandatory emissions reporting by companies; further notes the requirement in the Climate Change Act to introduce mandatory carbon reporting by 2012; and calls on the Government to introduce regulations on corporate greenhouse gas reporting as soon as possible.