New standards offer guidance for companies looking to convert their climate ambition into an action plan
The Transition Plan Taskforce published a framework for companies looking to create transition plans.These strategic plans—spelling out how a company expects to revamp its business in the near term to get on track to reach their climate promises—are the latest must-haves for companies, much like the 2021 trend of making a net-zero promise.
The taskforce’s voluntary guidance looks at what a company’s strategic ambition is, its business model, value chain and central assumptions.“2023 is the year of the transition plan,” said Mary Schapiro, vice-chair of the Glasgow Financial Alliance for Net Zero and former chair of the U.S. Securities and Exchange Commission.
The U.K. taskforce’s voluntary guidance looks at what a company’s strategic ambition is, its business model, value chain and central assumptions. It also covers a company’s implementation strategy, engagement strategy and its governance, metrics and targets. Next month the group will also publish for consultation sector-specific guidance in seven industries: Banks, asset owners, asset manager, utilities, food, mining and oil and gas.
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