Businesses Should Be Warned of Carbon Commitment Deadline: Pricewaterhouse Coopers

Sarah Woodman, Global events journalist
August 17, 2010 /

Pricewaterhouse Coopers has warned businesses to keep their eyes on the carbon commitment deadline or risk being fined.

The consultancy firm said that business must hit tight deadlines or they may risk facing significant fines if they want to register for the Carbon Reduction Commitment (CRC) on time.

September 30, 2010 is the final date for registering for the UK’S mandatory climate change and energy saving governmental scheme. The scheme was decide by the government after revelations were made on global warming and the carbon emission of countries.

Pricewaterhouse Cooper’s has calculated that companies will need at least two to four weeks to let the Environment Agency run checks on them.

Other than the environmental procedures companies follow, the Environmental Agency will also be operating checks on anti-money laundering. However the anti-laundering process will be done only on senior officers of the company, who have been referred to in the process.

Pricewaterhouse Coopers has thus calculated that the effective date for most of the companies is September 2. The consultancy firm is concerned as to the dangers companies may face if they leave the registration process till the last minute.

Henry Le Fleming, who is Pricewaterhouse Cooper’s Carbon Reporting Specialist, has said that in case a company misses the registration date, it will mean a cost of £5,000. Also, an additional charge of £500 per day will have to be incurred by the company, up to a maximum of £45,000.

Fleming also said: “There’s also potential reputational damage from a company being listed as non-compliant.”

Fleming further added that the new rules will likely have an impact on landlord/tenant negotiations. He pointed out that neither of the parties will be keen to take on the responsibilities of utilities, which might pose a problem.

 

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