The UK Transition Plan Taskforce (TPT) was announced at COP26 in 2021, and officially launched in April 2022 with the intention of establishing a best practice reference framework for transition plans. The TPT is informing future transition plan requirements in the UK as part of the broader Sustainability Disclosure Requirements framework, including the Transition plan disclosures are provided for in the Financial Conduct Authority’s (FCA) listing rules that require TCFD-aligned disclosures on a comply or explain basis.
While based in the UK, the TPT’s remit is global with a further request to engage with non-UK governments and regulatory frameworks to accelerate a just transition that is aligned with 1.5C. To support its international applicability, the TPT is aligned with the International Sustainability Standards Board’s (ISSB) Climate-Related Disclosure Standard (IFRS S2). The TPT’s core mandate has been accompanied by a broader range of international engagement to informing new regulatory requirements in a number of jurisdictions, and through multilateral processes. This includes with the Financial Stability Board, IOSCO and the NGFS, as well as the G7, G20, UNFCCC and the Coalition of Finance Ministers for Climate Action.
In July 2023, the TPT published the final version of its Disclosure Framework which offers guidance on best practice in transition planning. The Framework is centred around three guiding principes: ambition, action, and accountability. Suggested actions under each of these can be explored in the graphic below, courtesy of the Taskforce.
Image: TPT Disclosure Framework, The TPT Disclosure Framework, October 2023, p. 15
In addition to the high-level framework provided by the Disclosure Framework, the TPT has also published draft sector summaries and guidance. The Sector Guidance complements the Disclosure Framework and outlines broad decarbonisation levers, metrics for 40 sectors. Following the publication of the Guidance, 7 draft Sector Deep Dives were published in late 2023. The Deep Dives will provide guidance on interpreting the Disclosure Framework through the lens of the sector.
Learn more about the workplan of the TPT on their website.
