From financial years beginning on or after 1 April 2019, large UK companies will be required to report publicly on their UK energy use and carbon emissions within their Directors’ Report.
Streamlined Energy and Carbon Reporting (SECR) is essential for improving sustainability and reducing carbon footprint in real estate. We’ll take you through SECR’s significance, requirements, and how Utopi can assist businesses in achieving compliance.
What is SECR?
Streamlined Energy and Carbon Reporting (SECR) is a UK regulatory framework introduced in 2019, mandating large businesses to report on their energy use and carbon emissions. SECR aims to enhance corporate transparency in energy consumption, promote energy efficiency, and contribute to the UK’s carbon reduction goals. The regulation applies to large companies, defined by meeting at least two of the following criteria:
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Over 250 employees
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Annual turnover exceeding £36 million
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Annual balance sheet total over £18 million
Benefits of SECR Compliance
Improved Energy Efficiency: By regularly monitoring and reporting energy use, businesses can identify inefficiencies and implement corrective actions, leading to significant energy savings.
Reduced Operational Costs: Energy-efficient practices lower energy consumption, resulting in reduced energy bills.
Enhanced Corporate Reputation: Demonstrating a commitment to sustainability can improve a company’s reputation, attract environmentally conscious investors, and meet the growing demand for corporate responsibility from stakeholders and customers.
Regulatory Alignment: Staying compliant with SECR ensures that businesses meet regulatory requirements, avoiding potential fines and legal complications.
SECR Requirements for Businesses
To comply with SECR, businesses must:
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Report annual energy use for electricity, gas, and transport
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Calculate associated carbon emissions
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Detail energy efficiency measures undertaken during the reporting period
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Provide intensity metrics to normalise data (e.g., emissions per unit of turnover or per employee)
These reports should be included in the directors’ report section of a company’s annual financial report.
Utopi makes SECR Compliance a breeze
Data Collection: Utopi’s SaaS platform collects detailed, real-time energy consumption data from various sources, ensuring accurate and comprehensive reporting. This automated data collection minimises the risk of human error and reduces the administrative burden on businesses.
Reporting Tools: Utopi offers advanced reporting tools that simplify the SECR compliance process. These tools automatically compile the necessary data, calculate carbon emissions, and generate customised, automated consumption reports. Not only saving you time, but ensuring that the reports are accurate and consistent with regulatory standards (as long as customised parameters are set correctly). The Utopi Platform can also monitor live data pulled directly from utility meters, IoT devices and API integrations, and analyse consumption down to a granular, room level.
Energy Management Solutions: Utopi can help you identify opportunities for energy savings through detailed analytics and insights. Utopi also has a range of solutions to help you implement targeted energy efficiency measures, such as installing Smart Temperature Control, management of unoccupied spaces (goodbye to heating empty rooms!), and detecting water leaks straight from the Utopi platform.
Empowering Residents: For businesses in the real estate sector, engaging tenants in energy-saving initiatives is crucial. Utopi’s Resident App allows property managers to share real-time energy usage data with tenants, encouraging them to adopt energy-saving behaviours. The app includes features such as gamification, where tenants earn rewards for reducing their energy consumption, fostering a community-wide effort towards sustainability.
The Bottom Line
SECR is crucial for sustainability in real estate. Utopi’s advanced technology not only ensures compliance but also drives significant improvements in energy management and carbon reduction. By leveraging Utopi’s comprehensive metering solutions, environmental sensing, and reporting tools, businesses can efficiently meet SECR requirements, and go further to enhance their sustainability efforts, and contribute to a greener future.
Learn More
For more information on how Utopi can assist your business with SECR compliance and improve operational efficiency, visit our website.