Regulation - November 9, 2022
UK Taskforce Publishes Framework for Climate Disclosures
The UK Transition Plan Taskforce (TPT), first announced at COP26 in 2021, has announced the publication of its Disclosure Framework and accompanying Implementation Guidance.
The Framework includes recommendations for companies and financial institutions to develop gold-standard transition plans, while the Guidance outlines the steps for developing a transition plan and the appropriate disclosure plans.
These tools also include a Sandbox, where companies and financial institutions can test implementation. These tools will help companies and financial institutions create credibility and accountability in their pursuit of net zero emissions while putting into plan concrete, short-term action plans.
TPT was established by the UK Chancellor at COP26 for developing the gold standard for private-sector climate transition plans. The Framework and Guidance will be open for public consultation until Feb. 28, 2023.
“Transition Plans are fundamental to ensuring the financial system supports our transition to net zero – and I am grateful to the Taskforce for their ground-breaking work in this area,” Andrew Griffith, Member of Parliament and Economic Secretary to the Treasury and Co-Chair of the TPT, said in a statement. “The UK is already the leading global centre for sustainable finance, and today’s announcement is a significant step in delivering on our commitment made at COP26 last year – to become the world’s first net zero-aligned financial centre.”
The Framework will inform future regulation in the UK following the incorporation of insights from the public consultation and feedback from the Sandbox.
The Disclosure Framework and Implementation Guidance is available here.