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ARTICLE · 14 OCTOBER 2024

ESOS – An Update For Funds

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The article outlines the Energy Savings Opportunity Scheme (ESOS) Phase 3, its requirements for large UK companies, and its impact on corporate groups, emphasizing compliance, action plans, and future net zero assessments.

United KingdomCorporate/Commercial Law
Rachel Richardson
Rachel Richardson
Nigel Price
Nigel Price

The Energy Savings Opportunity Scheme (ESOS) is a mandatory energy assessment and energy-savings identification scheme for large organisations in the UK. 

It was established to help businesses improve their energy efficiency and reduce carbon emissions. The regulations have several implications for funds, particularly those with investments in large companies. 

Phase 3

ESOS was first introduced in 2014 to address the lack of data and improve the adoption of energy efficiency measures. ESOS is in phase 3 and each cycle is four years apart. The required audit provides energy efficiency recommendations and are signed off by a board member.

Organisations that qualify for ESOS should have notified the Environment Agency (the EA) by submitting a notification of compliance for phase 3 of ESOS by 5 June 2024. The EA noted they would grant forbearance until 6 August 2024.

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