On 24 January 2024, the Transition Plan Taskforce (TPT) announced that HM Treasury had extended its mandate until at least 31 July 2024, with a possible further three months extension to the end of October 2024.
The TPT’s mandate has been extended so that it can support the Transition Finance Market Review (TFMR). As of January 2024, the TPT has nearly completed the delivery of the tasks listed in its Terms of Reference. This includes the delivery of the TPT Disclosure Framework and other outputs which are included in the IFRS Knowledge Hub.
The TPT will release its final outputs this year, including:
- Final Deep Dive Sector Guidance for Asset Owners, Asset Managers, Banks, Electric Utilities & Power Generators, Food & Beverage, Metals & Mining and Oil & Gas;
- Notes on adaptation, nature, just transition, Emerging Markets & Developing Economies (EMDEs) and Small to Medium-Sized Enterprises (SMEs); and
- A Forward Pathway on transition plans, with considerations for the maintenance of a strong ecosystem around transition plans.
Furthermore, the TFMR, launched on 22 January 2024, aims to assess what the UK financial and professional services ecosystems need to achieve in order to become a leading hub for and provider of transition financial services.
It will explore how to create the conditions for:
- Scaling transition focussed capital raising with integrity.
- Maximising the opportunity for UK based financial services.
- Positioning the UK’s professional services ecosystem as a global hub.
Extending the TPT’s mandate ensures alignment with the TFMR and synergy between the two initiatives. By creating a period of overlap, the UK will be able to fully support these developments at home and abroad. The extension to the TPT’s mandate will allow the TPT to fully contribute to the work of the TFMR, drawing on the knowledge and networks that the TPT has established on transition finance and transition plans. It will also ensure globally consistent approaches and support market actors with the guidance and tools they need to deliver high quality transition plans.