Our chart this week is about domestic energy prices and the Ofgem energy price cap rises expected in April and October 2022.
The move from fossil fuels to renewable energy and what it means for the world economies.
Following the incredible hike in wholesale energy prices, “the economic benefits of generating on-site renewable energy have never been greater”, says chartered accountant Christopher Trigg.
There’s a perception in the marketplace that implementing carbon-reducing technology comes at a high cost, but it could be as simple as redistributing your current energy spend.
ICAEW’s Public Sector Conference on 10 December ended with a rallying call from Tony Juniper CBE, chair of Natural England, leading one participant to say, “I am very much inspired to inject some energy into a cross-function sustainability group in my department”.
The requirement for large companies to report on their carbon and energy use (under the streamlined energy and carbon reporting or SECR requirements) has been in place since 2019.
This is the sentiment of Jeffrey Hales, Professor of Accounting, University of Texas at Austin, and Chair of the SASB Standards Board and Sector Chair for Financials and Renewable Resources and Alternative Energy.
The Minister for Business, Energy and Corporate Responsibility has said he believes the new National Security and Investment Act sends out the message that the UK is open for business to overseas investors.
Angus Douglas, group finance director at Star Refrigeration, says accountants are well-positioned to translate pound notes into grams of carbon.
This month’s round-up from the Professional Standards Department includes new guidance from the Charity Commission on reporting matters of material significance, the latest updates from the Quality Assurance Team and a new article from the Insolvency Service urging for the considerate treatment of customers following the growing number of energy supplier insolvencies.
Without an understanding of the impact of energy transition on company financials, the extent of capital at risk remains largely unknown, says Barbara Davidson, Senior Analyst at the Carbon Tracker Initiative.