2023 has been dubbed the "Year of the Transition Plan". From pledges to planning, markets and regulators tip the scales as they move to deliver on net-zero commitments.
As regulatory developments loom for mandatory disclosures of climate transition plans, businesses are increasingly turning their minds to what this means for them and the steps they should take. Others have sought to get ahead of the curve by voluntarily developing and disclosing their climate transition plans, though the credibility of these plans have come under fire, perhaps due in part to the absence of a formally adopted market benchmark that stands up to scrutiny. Cue the UK's Transition Plan Taskforce's ("TPT") highly anticipated "gold standard" framework, which is due to be finalised later this year.
Read our detailed briefing on climate transition plans here, in which we cover:
- The definition of climate transition plans and their potted history;
- The expected regulatory shift from voluntary to mandatory disclosures;
- TPT's draft disclosure framework; and
- Five key takeaways for businesses to prepare for mandatory disclosures of climate transition plans and to avoid the pitfalls in the process.
Our briefing focuses on the UK, but we briefly touch on similar developments taking place in other jurisdictions.
Jannis Bille (Senior Associate) provides some highlights from the briefing. Watch Jannis here: