Legal & Regulatory News

Transition Plan Taskforce publishes a status update

On 27 July 2023, the Transition Plan Taskforce (TPT) published ‘Building momentum for transition plans’, a status update on its activities. The TPT was established at COP26 and aims to set out the components of a gold standard transition plan through the publication of a Disclosure Framework.

The status update incorporates:-

• A summary of the use of transition plans globally and in the UK, including the adoption pathways of the UK government and the UK Financial Conduct Authority;

• Feedback from the consultation on the draft Disclosure Framework and Implementation Guidance, which took place between November 2022 and February 2023. Of those that responded, 85% either agreed or broadly agreed with the approach taken in the Disclosure Framework, however, there were concerns raised around implementation and more examples and case studies were requested;

• The next steps for the TPT, a list of future publications such as the Disclosure Framework and the TPT’s recommendations for future work on transition plans. These recommendations will be important in ensuring that the narrative around transition planning continues.

The TPT is hoping to publish its final Disclosure Framework in October 2023, which will be accompanied by the initial, sector neutral, guidance on implementation. The first of the sector specific guidance will be launched in early 2024. There are seven sectors which will be the focus for in-depth guidance including banking, food and agriculture and oil and gas. The full list is specified in the status update.

Click here to read the press release.

Click here to read ‘Building momentum for transition plans’.