The Transition Plan Taskforce, which is co-chaired by Aviva chief executive Amanda Blanc and HM Treasury Lords Minister Baroness Joanna Penn, is launching the TPT best practice Disclosure Framework for climate transition plans today.
Livestreamed from the London Stock Exchange, the event will be opened at 8:40am by London Stock Exchange Group CEO David Schwimmer along with Baroness Penn and Blanc. The unveiling will feature panel discussions on using the framework in practice and on transition planning in the UK and international corporate reporting. A list of the speakers can be accessed here.
Informed by the principles of ambition, action, and accountability, the TPT Disclosure Framework aims to support the creation of consistent, comparable company reports while reducing the level of disclosure complexity. The goal is for the framework to be the “gold standard” when it comes to climate transition plans.
It was noted that the documents built on the global baseline of disclosures developed by Taskforce member International Sustainability Standards Board and drew on the work of the Glasgow Financial Alliance for Net Zero, which is also part of the TPT.
“It’s great to see more and more companies announcing their net zero ambitions, but these are of little use if there’s no action or accountability,” Blanc commented ahead of today’s launch.
“Backing up net zero ambitions with high-quality and clear transition plans is crucial if we are to collectively deliver net zero. The TPT Disclosure Framework will help businesses understand just what makes a climate transition plan robust and credible.”
Meanwhile Baroness Penn had this to say: “Under our COP26 leadership, the government set out our vision for the UK to be the world’s first net-zero aligned financial centre. Launched only in April 2022, the Transition Plan Taskforce has now delivered on its core mandate to develop a framework for private sector climate transition plans.
“As we move towards meeting net zero in a pragmatic and proportionate way, we recognise the value of the transparency and accountability offered by transition plans which help firms in their own journey.”
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