Tesco amongst many urging government for mandatory net zero reporting

Tesco is amongst a long list of companies which have asked the government to force them and other businesses to become more transparent about their climate ambitions.

Fewer than one in five of the UK’s biggest public companies have credible plans to slash their emissions to net zero, research suggests.

The figures, from charity WWF, have led to calls for the government to force the issue from the top.

To bring businesses in line with the UK’s ambitions, large companies must be compelled to disclose their transition plans for how they will get to net zero, a letter to ministers, signed by more than 30 organisations, said.

READ MORE: Ex-Tesco boss Dave Lewis to advise govt on supply chain crisis

The government should clearly lay out when it intends to do this, the letter, addressed to Chancellor Rishi Sunak and other officials, said.

The UK was the first major economy to set a net zero ambition law in 2019, but risks falling behind if it does not move forward with further plans.

“In other jurisdictions, the European Union, seeking to build its green finance credentials, has announced an intent to require transition plans from all large companies, including short term targets and reports on progress,” the letter reads

“The UK, however, can consolidate its green finance competitiveness and climate leadership by being the decisive first-mover in setting global norms for transition plans.”

Alongside Tesco, the signatories include B&Q owner Kingfisher, outsourcer Mitie, energy company E.On UK, as well as financial institutions that oversee assets worth £4.5 trillion.

They included Aviva, Legal & General Investment Management and Santander.

The Association of British Insurers and the Aldersgate Group, a business group, also put their names to the letter.

with PA Wires

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