The Corporate Sustainability Reporting Directive (CSRD) will be phased in on 1st January 2024, as the UK matches the timeline of the EU for adopting the rules in which they must disclose their indirect (Scope 3) emissions.

Uniserve, along with many other large companies, will be mandated to report their climate-related risks in line with the global Taskforce on Climate-related Financial Disclosures (TCFD) in the UK. Meanwhile, in the EU, CSRD means that companies will be required to publish detailed information on sustainability performance. Companies could be open to fines and penalties if they fail to disclose the required information.

In a poll of UK-based businesses who assessed their readiness for Scope 3 reporting under CSRD:

• 71% had measured their own carbon footprint
• 40% were already compliant
• 25% said they will not be able to meet the deadline

Business leaders are required to report not only their own emissions but those ‘upstream’ and ‘downstream’ whilst also taking steps to make reductions and improvements. UK firms are set to be charged £40 per tonne of CO2 emissions misreported under the new regulations and with consumers being unforgiving, this could lead to reputational damage.

Scope 3 requires businesses to think about their role as a supplier to customers and as a customer to suppliers and be able to accurately measure and report on emissions to understand where they are starting.

For further support with Scope 3 guidance, please contact our Customer Relationship Management team by calling 01375 856060 or emailing crmteam@ugroup.co.uk.