Taskforce calls on companies to publish transition plans this year

The Transition Plan Taskforce (TPT) calls on financial firms and companies to accelerate delivery of transition plans.

Hosting its first first major event of the year at the Guildhall in the City of London, the Transition Plan Taskforce called on financial firms and real economy companies to accelerate their production of high-quality transition plans.

A significant increase in the quality and quantity of private sector transition plans is required to help enable the UK transition to net zero. In analysis recently prepared by CDP, of those organisations who have disclosed a transition plan, only 0.4% had a credible plan. 

Amanda Blanc, Group CEO of Aviva and Co-Chair of the TPT, said: “Momentum is building on transition plans but this will only be sustained by firm action, a will to change and our ability to think beyond our own businesses. The TPT is there to help – not only through guidance, but also by connecting businesses together. I hope in 2023 we will start to see transition plans at every level – with companies, countries and international institutions setting out their routes towards a net zero future.”

TPT Co-chairs Amanda Blanc, Aviva CEO, and HM Treasury Lords Minister Baroness Penn also announced the next phase of the TPT Sandbox to accelerate new capabilities to support preparers and users of transition plans and new TPT Working Groups, including on nature, adaptation and just transition.

The TPT will expand the Sandbox to accelerate new capabilities that can support users (e.g. investors, banks, analytics providers) and preparers (e.g. firms) of transition plans.

Developers participating in the Sandbox can benefit from: facilitated access to preparers and users of transition plans to help test, refine, and scale capabilities; access to matchmaking and showcasing events; signposting to datasets, models and tools, including through the UK Centre for Green Finance and Investment (CGFI) and access to expertise from TPT and CGFI experts.

Baroness Penn, Treasury Lords Minister and Co-Chair of the TPT, said: “Transition planning is a crucial part of our path to net zero as it is the connective tissue between where firms are now and where they want to be. The TPT’s work is a huge step forward in setting out clear recommendations for the preparation and disclosure of high-quality plans."

"I am pleased to announce today that key Government departments and regulators will join as observers of the TPT Delivery Group, and that the TPT will launch new Working Groups to inform its future work. I look forward to seeing the TPT’s progress in 2023.”

Find out more here.