Diritti di Emissione e Corporate Carbon Accounting

Abstract

The implementation at Community level, of Emission Trading Scheme occurred with the Directive 2003/87/EC, introduced in Italy in 2006. The Directive requires that all facilities participating in the system have to be allowed to emit greenhouse gases and, for this purpose, have emission rights. Every year, companies have to return emission rightsequal to the emissions released. If emission allowances granted are in surplus, they will sell or bank excess allowances. On the contrary, if there is a shortfall of emission allowances, this shortfall will be covered by the purchase of other allowances, or through the use of “carbon credits” or even resorting to borrowing of rights. The management of emission rights is, thus, able to impact on companies’ accounting and reporting. This paper, through analysis of the literature, aims to provide an overview on the ecological and financial carbon accounting. In particular, we investigated the characteristics and objectives of ecological carbon accounting and disclosure, and highlighted the link between these findings and those of a financial nature. The carbon financial accounting is analysed by focusing on the main issues being the most intense debate such as the nature of rights, the measurementcriteria, the treatment of emission allowances obligations and the contribution that the Financial Review by Management and the Management Commentary can offer to the knowledge of risks and opportunities of climate change.