Finance sectors to receive more climate transition guidance
TPT confirmed that it had responses from 500 organisations, including ICAEW, which has representatives on TPT’s steering and delivery groups
Asset management, banking and energy are among sectors that will be receiving additional guidance on creating and disclosing climate transition plans, according to the UK Transition Plan Taskforce (TPT).
The taskforce has been put in charge of developing standards to support financial institutions and companies in preparing and disclosing transition plans, detailing how an organisation aims to manage the impacts of climate change and the move to net zero.
The decision to create sector-specific guidance follows TPT’s consultation on the draft Disclosure Framework and Implementation Guidance which were published at COP27.
In its status update, TPT confirmed that it had responses from 500 organisations, including ICAEW, which has representatives on TPT’s steering and delivery groups.
As a result, the TPT will be producing two sets of additional guidance. The first will look to support a wide range of sectors and will signpost existing guidance from third parties.
The second will focus on providing more support for seven key sectors that can play a key role in reducing global greenhouse gas emissions, including asset management, asset owners, banking, electric utilities and power generators, food and agriculture, metals and mining, and oil and gas.
In a status update published on 27 July, the TPT also confirmed its final Disclosure Framework will be published in October, with final generic Implementation Guidance and additional sector-specific support to follow in 2024.
Sally Baker, head of corporate reporting strategy at the ICAEW, said: “We believe asking entities to consider how their actions contribute to the UK’s net-zero target, and to disclose their plans, will help drive ambition and action.
“We look forward to seeing the final Disclosure Framework in October 2023 and stand ready to contribute further to this important work. As strong supporters of the efforts of the TPT, we are pleased to see the response to feedback.”
She added: “Interoperability of sustainability reporting frameworks is a key factor in their success, and we particularly welcome steps that TPT have taken to improve the alignment of their Disclosure Framework with the ISSB’s first IFRS Sustainability Disclosure Standards.”
