The Transition Plan Taskforce (TPT) is today publishing a status update, entitled ‘Building momentum for transition plans‘.
This publication gives an update on the work of the TPT including next steps and future timeline. It also announces the sectors to be the subject of further deep dive guidance, supplementing the final Disclosure Framework which will be published in October 2023.
The publication also shares the headline themes from the consultation on the draft TPT Disclosure Framework and Implementation Guidance that were published in late 2022.
Included in the TPT status report – Building momentum for transition plans – published today is also an update on the UK and global regulatory picture, that frames the development of the TPT work as a way to inform future regulation and shape global norms.
With an expected pivot to regulation for transition plans in the UK and globally, and strong calls for action from the G7, G20, the UNSG and many regulatory forums, firms need to get to grips with this quickly, in a warming world.
TPT Secretariat Co-Chair, Baroness Penn, Treasury Lords Minister, shares a strong call to action.
“There is growing international momentum around private sector transition plans, both from industry and policymakers. Over the last six months alone, G7 leaders have come out in support of private sector transition plans, various international regulatory networks have started work on transition planning, and a rising number of entities have published their first transition plan.”
“The TPT consultation responses tell us that firms believe international alignment is key. As these efforts unfold, there is a strong need to establish a common global norm on what constitutes a credible, high-quality transition plan. The TPT is actively supporting efforts to build consensus and avoid the proliferation of different standards.”
Her fellow Co-Chair, Amanda Blanc, Group CEO Aviva Plc, also welcomes the publication with a direct call to UK companies.
“We believe the UK can and should take action to become the world’s most climate-ready developed economy by 2030. Whilst we are in no doubt that tackling climate change will require significant investment against a challenging economic backdrop, we also know that failing to act will cost much more. UK listed companies must lead the way in developing credible, consistent, robust climate transition plans.”
“From October 2023, the Transition Plan Taskforce Disclosure Framework will establish a clear standard that UK companies can follow to set and report against their own transition plans. At Aviva, we can already see the powerful impact of transition planning, so I’m urging all UK listed companies to give it a go and use the TPT framework to develop their plans. No plan will be perfect first-time, but the TPT framework gives companies a head start and allows them to learn as they act.”
Integrating a robust and credible climate transition plan into business strategy will enable firms to take strategic ownership of the transformative changes needed in coming years – to build resilience, to respond to and anticipate climate impacts, and to contribute to the global transition to net zero.
Read the status update publication – Building momentum for transition plans
