Corporate Reporting of Greenhouse Gas †Free Samples to Students

Question: Discuss about the Corporate Reporting of Greenhouse Gas. Answer: Introduction: In Sydneys Imperial Arcade, Woolworths Stupendous Bargain Basement was opened on December 5th 1924, for business. According to the founding CEO of Woolworths Every city needs a Woolworths: Sydney has it now. Every man, woman and child needs a handy place where good things are cheap, but he did not know that words said by him become the part of team values after 92 years. Woolworths team never intends to develop this business into a chain but after the opening of store on Queen Street in Brisbane, they are ready to develop chain. During the period of depression, businesses are breaking down in the world but situations are different in case of Woolworths because of continuous growth of business. After this success, Woolworths opened new store in 1929 in New Zealand, and by the year 1930 Woolworths opened 16 stores across the New South Wales, Queensland and Western Australia (Woolworths n.d.). The main goal of the company is to put its customer first, across all the brands of the company, and for achieving this goal five priorities are set by the company that is: Company focus on building a customer, culture related to store-led, and team. Company wants to generate sustainable sales in food products. Company try to evolve the business related to drinks for the purpose of providing value and convenience to customers. Portfolio business of the company is empowered by management for the purpose of implementing strategies and delivering shareholders value. Company intends to become a retailer by developing their system excellence and end-to-end process (Woolworths, n.d.). Industry in which Woolworths operate: Woolworths group operates in retailing sector such as Woolworths operates food group, endeavor drinks, and other portfolio businesses. Woolworths Food group includes many programs such as Rewards, Woolworths supermarket, countdown, and Thomas dux. Endeavour drinks include BWS, Dan Murphys, and cellarmasters. Lastly, portfolio business of Woolworths includes Big W, EziBuy, and Hotels (Woolworths, n.d.). Number of staff in Australia: in Australia, Woolworths is the largest supermarket chain which was operating almost 961 stores across Australia. Woolworths employed almost 111000 employees in their stores, distribution centers, and support offices for the purpose of providing best services and convenience to the customers (Woolworthss, n.d.). Number of staff at global level: company employed almost 205000 employees at global level in almost 3000 or more stores who serves almost 29 million customers every week (Woolworths, n.d.). Location of headquarters: Companies headquarter is situated in Bella Vista, Australia. Policies and regulatory frameworks are applied by Australian governments for the purpose of reducing emissions, before more than 2 decades. These regulatory frameworks state the standards for labeling as well as for minimum performance, and it also set codes and restriction on land clearing. A diversified range of trading schemes has been implemented for the purpose of promoting renewable energy, reductions related to emissions in land sector, efficient use of energy, and general emissions reduction. Australian government passed legislation in 2011 for the purpose of creating carbon pricing mechanism which is also known as a cap-and-trade emissions trading scheme. The intention of government behind this is to repel the legislation, and implementation of direct action plan. The main provision of this plan is Emissions Reduction Fund, which is used to purchase emissions reductions through a reverse auction. Government introduces the policy initiatives in Australia for reducing emission s. These policy initiatives states the policy measures for addressing the issues related to climate change, describe the policies related to climate change which are existing in Australia for reducing emissions, and it states the new policies proposed by government of Australia (Australian Government, n.d.). At the time when National Greenhouse and Energy Reporting Act 2007 (Cth) (NGER Act) was introduced by the government, already 15 Federal and state Australian schemes exist in Australia, and these schemes state the obligation require of reporting of data related to emissions. Nine federal and state schemes out of these 15 schemes require compulsory reporting. Many reasons are there which put pressure on government or policy makers for framing policy related to effective climate change, and these are described here: in 1988, Intergovernmental Panel on Climate Change (IPCC) was established by government, and it is recognized as scientific body by the World Meteorological Organization and the United Nations Environment Program for the purpose of providing information on climate change science. In 1990, first assessment report issued by IPCC result in formation of the United Nations Framework Convention on Climate Change as the global body for the purpose of introducing greenhouse gas emi ssions and obligations related to international reporting. This agreement was signed by the parties at the Rio de Janeiro Summit in 1992 and in 1994 it is entered into force in Australia (Wit Coonam, 2008). Government introduced legislation related to Clean Energy Future Package in 2011, and named as The Clean Energy Act 2011 (Cth). This Act was established for achieving the long term goals such as reduce emission by 80% by 2050, and also contributes at global level in limiting the global warming to no more than 2 degrees above pre industrial level. Other major elements of this Act states carbon price that covers almost half of Australias emissions, and it also include the CFI under which incentives are provided to those who reduces emissions in the land sector. A broader suit of initiatives related to particular sector are also introduced in the Act, and important role is played by local and state governments at all levels such as these governments implemented land use controls, energy efficiency and renewable energy programs. RET, CFI, and carbon pricing mechanism are the main legislated tools conducted at Commonwealth Government level. These stated policies and some other policies ar e applied on these particular activities, and these policies are stated below: Renewable Energy Target- the main purpose of this policy is to manage the investment in renewable energy, and it also creates the guaranteed market for those renewables which are using a tradable certificate scheme for the purpose of arranging both large scale projects as well as small scale projects. Carbon pricing mechanism- in 2012, operation related to this policy has begun in 2012, and as per the requirements of this policy it is necessary for largest greenhouse gas emitters in Australia to report and these policies also held them legally liable for such emissions, and if any reduction is done by anization then incentives has been given to them (Neilson, n.d.). Following are some international treaties and agreements which affected the products and services of Woolworths Group: UNFCCC- In 1992, members of UN created the most important treaty at international level related to climate change known as The United Nations Framework Convention on Climate Change (UNFCCC or FCCC). The main aim of this treaty is to stabilize the atmosphere from greenhouse gas concentrations at that level so that it will be able to prevent the climate system from dangerous anthropogenic interference. For individual countries no limits related to greenhouse gas emissions are set up by the treaty, and this treaty does not contain any enforcement mechanism. In such case. This treaty is not considered as binding treaty at legal level, but still parties of this treaty has to submit national inventories related to greenhouse gases emissions. However, this treaty provides framework which deals with the negotiation of specific international treaties known as protocols, and these protocols set binding limits on greenhouse gases. Out of these protocols, there is one protocol known as Kyoto Pro tocol and it was signed in 1995. Kyoto protocol states obligations on developed countries for reducing their greenhouse gas emissions (Carbon Expert, n.d.). Cancum Agreements: these agreements are the set of significant decisions made by the community set up at international level for the purpose of addressing the long term challenges related to climate change from time to time, and it also state the provisions related to take stipulated action for providing global response. This agreement was introduced on 11th December 2010 in Cancun, Mexico at United Nations Climate Change Conference. This conference represents the future plans for reducing the greenhouse gas emissions and it also state plans for helping the developing nations from impacts of climate change and build sustainable future for them. The main aim of this agreement is stated below: This agreement stated the clear goal for reducing the greenhouse gas emissions generated by human beings over time for the purpose of keeping the average temperature at global level below two degrees. This agreement encourages the all countries to participate in reducing these emissions by imposing different responsibilities on each country on the basis of countrys capabilities. This agreement ensures transparency at international level related to the actions taken by the countries, and it also ensures the progress at global level for the purpose of reviewing the goal on timely basis. Cancum agreements mobilize the development and transfer of clean technology for the purpose of boosting efforts related to climate change by getting it to the right place at right time and for the best effect. These agreements provide funds to the developing countries in short term and long term, so that they can take effective actions and achieve the goal set by the company. These agreements assist the important people at global level for adopting the inevitable impacts related to climate change. It helps in protecting the forests at global level because forests are major repository of carbon, and it also helps in building the global capacity especially in case of developing countries to meet the all the challenges. For the purpose of ensuring the fulfillment of these objectives, various effective institutions and systems are established (UNFCCC, n.d.; UN, n.d.).Paris Agreement- In December 2015, this agreement was adopted by 195 countries at the at the Paris climate conference (COP21). This agreement is the legally binding global climate deal. This agreement is the bridge between the todays policies and climate-neutrality before the end of the century, and following are some key elements of this agreement: Mitigation (Reducing Emissions): governments agreed to set long term goal for increasing the average temperature at global level to well below 2C above pre-industrial levels; they aim to increase the limit to 1.5 degree Celsius because it would reduce the risk related to climate change; they recognize that in case of developing countries reductions related to emissions take some time; and they try to reduce the emission level with the best available technologies. It must be noted that before the Paris conference, national climate action plans (INDCs) are submitted by the countries. Transparency: all governments of member states are agreed to come together in every five years for the purpose of setting more ambitious targets as required by science; they report to each other as well as public on how they are achieving those targets; and they track their process in achieving long term goal through their robust transparency and accountability system. Adaptation: governments of member states agreed to strengthen the ability of society for the purpose of dealing with the changes occurred in climate; and this agreement also provide international support to developing countries for the purpose of adaptation. Loss and damage: this agreement state the importance of minimizing and addressing loss and damage related to the adverse effects of climate change; and it acknowledges the need for cooperating and increasing the understanding, action and support in the different areas of system (European Commission, n.d.; UNFCCC, n.d.). As per the company towards the environment, company frames various policies to make its supply chain more sustainable and it also aims to reduce the carbon emission. Targets are set by the company in year 2007, and company try to achieve these goals by 2015. Strategy set by Woolworths group covers Carbon emissions and climate change, Water, packaging, and Waste and recycling (Woolworths, n.d.). References: Australian Government. Chapter 6 Australias action on climate change. Available at: https://climatechangeauthority.gov.au/node/125. Accessed on 26th April 2017. Carbon expert. International Climate Change Legislation. Available at: https://carbonexpert.ro/en/co2-emissions/climate-change-international-treaties/. Accessed on 26th April 2017. European Commission. Climate Change. Available at: https://ec.europa.eu/clima/policies/international/negotiations/paris_en. Accessed on 26th April 2017. https://www.austlii.edu.au/au/journals/AURELawJl/2008/5.pdf. Neilson, L. Emissions control policies. Available at: https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BriefingBook43p/emissioncontrol. Accessed on 26th April 2017. UN and Climate Change. Available at: https://www.un.org/climatechange/towards-a-climate-agreement/. Accessed on 26th April 2017. UNFCCC. Paris Agreement - Status of Ratification. Available at: https://unfccc.int/2860.php. Accessed on 26th April 2017. UNFCCC. The Cancun Agreements. Available at: https://unfccc.int/cancun/cancun-agreements/main-objectives-of-the-agreements/index.html#c33. Accessed on 26th April 2017. Voluntary or mandatory. Available at: Accessed on 26th April 2017. Wit, E. Coonam, E. (2008). Corporate reporting of greenhouse gas emissions: is it Woolworths Group. About us. Available at: https://www.woolworthsgroup.com.au/page/about-us/. Accessed on 26th April 2017. Woolworths Group. Environment and sustainability. Available at: https://www.woolworthsgroup.com.au/page/community-and-responsibility/group-responsibility/environment/. Accessed on 26th April 2017. Woolworths Group. Our History. Available at: https://www.woolworthsgroup.com.au/page/about-us/The_Woolworths_Story/How_We_Were_Founded/. Accessed on 26th April 2017. Woolworths Group. Portfolio Businesses. Available at: https://www.woolworthsgroup.com.au/page/about-us/our-brands/portfolio-businesses/. Accessed on 26th April 2017. Woolworths Group. Strategy and objectives. Available at: https://www.woolworthsgroup.com.au/page/about-us/our-approach/strategy-and-objectives/. Accessed on 26th April 2017. Woolworths Group. Woolworths Supermarkets. Available at: https://www.woolworthsgroup.com.au/page/about-us/our-brands/supermarkets/Woolworths. Accessed on 26th April 2017.