In order to avoid dangerous levels of climate change, it is likely that global emissions must peak by 2015 and, for developed nations, fall by at least 80% compared with 1990 levels by 2050. Despite the need for urgent action, UK oil companies are still seeking to develop large, carbon intensive projects, such as Canadian tar sands.
These 'Toxic Fuel' projects not only risk dangerous levels of climate change but as the world seeks to shift to a low carbon economy, they also increase risks to the businesses operating them. To help safeguard our savings and pensions invested in these companies and to encourage investments in low carbon projects, we need mandatory carbon reporting.