UK Climate transition plan proposals
The Transition Plan Taskforce, established last month, has issued a call for evidence on a Sector-Neutral Framework for transition plans, which it is proposed will be required to be disclosed by listed companies (and financial institutions) from 2023.
The consultation asks for feedback on a range of questions including on the mandate and structure of the taskforce itself, possible tensions between entity-level decarbonisation and economy-wide decarbonisation goals, the international context and the content of a ‘gold standard’ transition plan, including how prescriptive it should be, where transition plans should be disclosed and whether to require standardised data and metrics to communicate ambition and measure progress. This consultation also proposes three guiding principles for transition plans to:
- be aligned with an economy-wide net zero transition;
- focus on concrete actions which emphasise the near-term and are backed up by clear governance mechanisms; and
- enable periodic reporting and verification in a transparent manner.
The Transition Plan Taskforce is seeking comments by 13th July. Please let us know if you have any views that you would like to feed in.
Published 12 May, 2022