Shadow environment secretary Mary Creagh has lambasted the government’s announcement that all companies listed on the London Stock Exchange will have to have to report their levels of greenhouse gas emissions from the start of the next financial year. Ms Creagh described the plans as “a fig leaf” intended to disguise the UK’s poor environmental performance under the current government.  

She also criticised the government’s delay in implementing the new regulations and said the plans are merely a distraction from the government’s failure to back renewable and low carbon growth as all 1,800 of the quoted companies which will be subject to the new reporting rules are already obliged to report their environmental performance.

The plans were announced today at the Rio +20 Summit by Deputy Prime Minister Nick Clegg. He said the UK is the first country in the world to make it compulsory for companies to include emissions data for their entire organisation in their annual reports.

On unveiling the measure, Nick Clegg said, “Counting your business costs while hiding your greenhouse gas emissions is a false economy. British companies need to reduce their harmful emissions for the benefit of the planet, but many back our plans because being energy efficient makes good business sense too.

“It saves companies money on energy bills, improves their reputation with customers and helps them manage their long-term costs too. Climate change is one of the gravest threats we face. The UK is leading the urgent action needed at home and abroad.”

However, the shadow environment secretary retorted, "Today’s announcement is a fig leaf in Rio to draw attention away from the Government’s failure to back low carbon growth and jobs, create marine reserves and the continued uncertainty surrounding the forest sell-off.

“In the last two years, the UK has fallen from third in the world for investment in green technologies to seventh, as the Chancellor has created uncertainty for companies looking to invest in the UK’s world-leading green technologies. We urgently need a new impetus to create the green jobs and growth to lift us out of this double-dip recession."

The new measures will be introduced from April 2013

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