The UK Transition Plan Taskforce (TPT) has published further guidance to assist companies when preparing transition plans. Transition plans are key to demonstrating how both national and individual net zero commitments will be met and accessing transition finance.
The sector guidance follows the publication of the final disclosure framework and sector agnostic implementation guidance in October 2023 (see our ESG blog post here).
There is currently no requirement in UK law for companies to publish a transition plan, although a number do so voluntarily. In March 2023, the UK government stated it planned to launch a consultation on transition plan disclosures for large public and private companies once the TPT had published its final disclosure framework. The FCA is expected to consult on its expectations for transition plan disclosures by listed companies this summer, as part of its implementation of the UK-endorsed International Sustainability Standard Boards standards on sustainability reporting (read more on our blog here).
This latest TPT guidance includes “deep-dive” guidance for seven key sectors, including food & beverage, metals & mining and oil & gas, as well as summary guidance for 30 other sectors. The seven sectors were selected because of their GHG emissions, their need for (or provision of) transition finance and the quality of existing guidance on transition planning disclosures.
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