We welcome the UK’s Transition Plan Taskforce’s (TPT) proposals for the Disclosure Framework and Implementation Guidance of Transition Plans, which are a significant step towards developing the gold standard for UK companies’ climate transition plans. We are pleased to have contributed directly to the Taskforce as a member of its Delivery Group, advising on how it can incorporate social – or Just Transition – considerations into its work.
We have contributed to and co-signed the Financing a Just Transition Alliance’s (FJTA) consultation response. It draws significantly from a technical paper we developed last year with the LSE’s Grantham Research Institute, under the auspices of a TPT just transition workstream.
The FJTA is a group of over 50 banks, investors and financial institutions that have joined forces with universities and trade unions to translate the growing commitment to a just transition across the financial sector into real-world impact.
We look forward to continuing to support the integration of just transition considerations into transition plans through our co-leadership of a new TPT Working Group on Just Transition, which was announced on 27 February 2023.
The consultation response has two sections:
- Why Transition Plans should incorporate the just transition, including: reinforcing the UK’s commitment to the just Transition; demonstrating UK leadership; and contributing to global consistency.
- How Transition Plans could incorporate the just transition: specific recommendations for how to embed consideration of the just transition within the proposed Disclosure Framework.
You can read the full response below.