On 13 November 2023, the Transition Plan Taskforce (TPT) launched a consultation on its sector-specific guidance for preparers and users of climate transition plans.

At COP26 in November 2021, the Chancellor announced the establishment of the TPT as part of the UK’s plans to become the world’s first net zero financial centre, ensuring financial flows shift towards supporting net zero. The UK committed to move towards making publication of transition plans mandatory. The TPT framework is designed to be consistent with, and build on, the final climate-related disclosure standard (IFRS S2) issued by the ISSB. IFRS S2 includes several provisions that are relevant to transition planning, including the requirement that an entity disclose information about any climate-related transition plan it has. The TPT framework provides a set of disclosure recommendations that an entity can use as guidance on how to report more effectively on the transition plan-related aspects of IFRS S2, as part of wider sustainability-related disclosures in its general purpose financial reports.

The 7 sector “deep dives” in the consultation are intended to help preparers interpret the final TPT disclosure framework in more detail for their sector. The sectors covered by the consultation cover asset managers, asset owners, banks, electric utilities and power generators, food and beverage, metals and mining, and oil and gas.

The deadline for feedback on the consultation is 29 December 2023.

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