A survey carried out by document management software company Version One revealed that a quarter of senior finance professionals have not heard of the CRC Energy Efficiency Scheme, formerly known as the Carbon Reduction Commitment. The survey questioned 139 finance directors and finance mangers in the UK's public and private sector.

Almost half (48%) of the senior finance professionals surveyed said they didn't know whether their organisation qualified for the CRC Energy Efficiency scheme or not, while only 17% said they had actively considered whether their organisation qualified for the CRC scheme.

The CRC Energy Efficiency scheme is a UK regulatory requirement that encompasses the monitoring, measurement and reporting of carbon emissions as well as the buying and selling of carbon emission allowances, and came into effect in April 2010. Qualification for the CRC is based on electricity consumption, and once companies are in the scheme, they need to measure and report on carbon emissions from electricity, gas and static fuel consumption.

Companies that qualify for the CRC energy efficiency scheme have until 30 September 2010 to register with the Environment Agency, although the agency will need to run pre-registration checks on businesses' senior directors which could take some time. Any qualifying organisation that misses the deadline faces an initial £5,000 fine and a daily charge of £500 until registered. The maximum fine is £45,000.

The managing director of Version One, Julian Buck said: "With the CRC Energy Efficiency Scheme having considerable financial implications, it is worrying that nearly a quarter of financial professionals surveyed haven't even heard of the CRC. Qualifying organisations that fail to register for the scheme over the next few weeks risk significant fines as well as reputational damage if they are exposed as being non-compliant."

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