At COP27, the UK Transition Plan Taskforce launched a new standard for best practice corporate climate transition plans.
Greater numbers of businesses and investors are setting ambitious targets to reach net-zero, and as a result, there needs to be a way businesses can standardise how they develop and disclose information related to their sustainability journeys. This is why at COP26 the former UK Chancellor Rishi Sunak announced the establishment of a UK Transition Plan Taskforce (TPT), which was tasked to develop a new “gold standard” for corporate transition plans. The CBI has been invited to join the TPT and has contributed to its work throughout the year.
At COP27, the TPT has published its draft Disclosure Framework and accompanying Implementation Guidance. It has also launched a Sandbox for companies and financial institutions to test implementation of the transition plans framework in practice. Ultimately, these publications will inform future regulation in the UK and will apply to all listed companies and financial institutions.
What are transition plans?
As outlined in government’s publication last
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