A survey of the FTSE100 has found only 0.1% of the 2.8 billion tonnes of carbon produced is being mitigated through carbon capture schemes.
Out of the UK's 100 largest capitalised companies registered with the London Stock Exchange those in the financial sector were found to be leading the way.
The survey, carried out by Carbon Retirement, found 21 companies were using schemes to lock up their carbon - 14 of which are in the financial sector.
Further analysis of the financial sector showed 61% of listed companies are choosing to capture at least a portion of their emissions. Whereas companies in other low and medium carbon intensity sectors were not following suit.
The report showed two medium intensity companies are bucking the trend and capturing their carbon - Unilever's Ben & Jerry's ice cream brand and Reckitt Benckiser, which has carbon captured its manufacturing operations.
A report on the survey said other medium carbon intensity businesses could look more substantially at their supply chain and consumer use of products and see what part reduction and carbon capture could play.
The report highlighted a number of steps FTSE100 companies must take towards reducing their carbon footprints. These are:
• Non-carbon intensive sectors that do not currently use voluntary carbon capture (IT, Telecoms, Healthcare) need to follow the lead of the sectors that do (Financials, Consumer Discretionary, Consumer Staples).
• Voluntary carbon capture, as well as ambitious emission reduction strategies, must begin to play a more substantial role amongst medium-high intensity companies.
• Carbon capture schemes must be verified by a high quality third-party standard.
• Methods and standards must be clearly disclosed so claims can be assessed by stakeholders.
Woodland Carbon
The Woodland Trust's Woodland Carbon Product allows businesses of all sizes to lock up their residual CO2 through tree planting in the UK for as little as £10 a tonne.
One company to be taking advantage of the scheme is Waitrose, which is offering customers carbon free home delivery. Read more
For more information about Woodland Carbon click here.
