Major companies have been urged to ensure they publish this year their transition plans for reaching net zero.
The Treasury launched the Transition Plan Taskforce (TPT) in 2022 to develop the “gold standard” for private sector climate transition plans. These aim to support long-term corporate emissions goals with interim milestones, report any changes to business models and investment, and detail how they will tackle skills gaps among staff.
The TPT says companies should publish one transition plan this year, then an update in 2026. Any information relevant to the plan should be included in their 2024 and 2025 financial reporting.
Corporate feedback to the move calls for more guidance on how the plans will link to sustainability issues such as nature, adaptation and a “just transition”. The taskforce promises to set up working groups to consider these issues and their potential for inclusion in future TPT frameworks.
“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,” said TPT co-chair Amanda Blanc. “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.”