Climate Transition Plans
It is a positive development that more and more businesses are setting ambitious targets to reduce their carbon emissions and achieve net zero. However, setting targets is not enough. To be credible, these goals must be backed up with a robust transition plan that includes a step-by-step roadmap of how the business will transform.
Following COP26, the UK Government established the Transition Plan Taskforce (TPT) as part of its goal to become the world’s first net zero financial centre. Last November, the TPT released their draft framework and guidance outlining the key components to be included in an organisation’s transition plan and how net zero should be incorporated into overarching business strategy. It is the hope that this framework will give companies the required push to produce meaningful plans that outline practical action they will take to reduce emissions in a timely manner.
'Creating Impactful Climate Transition Plans' webinar series
To aid company efforts with developing and publishing detailed net zero transition plans as soon as possible, the UN Global Compact Network UK hosted a three-part interactive webinar series featuring the Transition Plan Taskforce. This series provided early guidance and a forum for companies to share their challenges, solutions, and good practices in creating transition plans. Participants heard from leading businesses who are already preparing net zero transition plans on: their approach to the transition; the importance of starting early; and future necessary improvements.
Creating Impactful Climate Transition Plans: Ambition
2pm to 3:30pm (BST), 11 May
This session explored the importance of thorough transition plans to a net zero strategy and why they are necessary for business model transformation. We discussed how businesses should start producing their plans, including defining objectives and setting milestones for interim progress. We also reviewed what preparation is needed to develop a plan and why it is important to start now.
Creating Impactful Climate Transition Plans: Action
2pm to 3:30pm (BST), 18 May
In this session, we outlined practical actions for implementing transition plans and how to design a strategy to align with business targets. Business speakers discussed how internal and external stakeholders can engage to make plans a reality. They also shared how they are integrating concerns for nature, a just transition, and actors further down their value chain.
Creating Impactful Climate Transition Plans: Accountability
2pm to 3:30pm (BST), 25 May
The final webinar tackled ensuring plans are credible and will provide decision-useful information to investors and other stakeholders. Business speakers discussed how they are incorporating key metrics and targets into their plans, including greenhouse gas emissions and financial impacts. They also outlined the governance structure for their transition plans and what they are doing to ensure transparency.
SPEAKERS:
Kate Ryan
Senior Policy Advisor
Transition Plan Taskforce Secretariat
Bertie Paradise
Director
EY
Kevin Treco
Head of Environmental Sustainability Centre of Excellence
Lloyds Banking Group
Ira Poensgen
Technical Lead
TPT Secretariat
Harriet Howey
Global Head of ESG Insights
Diageo
Supriya Sobti
Climate and Purpose Lead
NatWest Group
David Harris
Head of Sustainable Finance Strategic Initiatives & Partnerships
London Stock Exchange Group (LSEG)
Rachel McEwen
Chief Sustainability Officer
SSE
Nina Pimblett
Sector Guidance Lead
TPT Secretariat
Sophie English
Focus Topics Lead
TPT Secretariat
Please contact, Alexandra Ranft, Senior Project Manager, for more information.
