Britain sets out blueprint for company climate 'transition' plans

 Britain on Monday laid out how listed companies and financial firms will have to detail ir plans to cut polluting carbon emissions as y transition to a net zero ecomy by 2050.

corporate "transition plans" dovetail with alrey mandatory climate-related disclosure that is due to be replaced by new standards from International Sustainability Standards Board (ISSB).

blueprint published on Monday by Transition Plan Taskforce (TPT) builds on ISSB rms, and draws on work by Glasgow Financial Alliance for Net Zero or GFANZ.

“Backing up net zero ambitions with high quality and clear transition plans is crucial if we are to collectively deliver net zero," Amanda Blanc, Group CEO of insurer Aviva and co-chair of taskforce, said in a statement.

" TPT Disclosure Framework will help businesses understand just what makes a climate transition plan robust and credible."

Financial Conduct Authority, which polices company listings, said firms should eng early and get started.

Joanna Penn, a junior treasury minister in Britain's upper house of parliament and co-chair of taskforce, said making transition plans mandatory is part of Britain's commitment to becoming world's first net-zero aligned financial centre.

“ transparency and accountability offered by transition plans is vital to fundamental shift in business and finance that is required for ecomy-wide transition to net zero and a climate resilient future," Penn said.

Companies will be expected to use framework to disclose ir transition plans for 2025 and onwards, meaning first reporting would be in 2026.

"For first time re is a definitive guide and insight into risks and opportunities that surround development and implementation of a climate transition plan," said Michael Izza, chief executive of ICAEW, a professional accounting body.