UK: Pressure on companies to develop net-zero transition plans in 2023

The pressure is on for businesses in the UK to develop net-zero transition plans in 2023. The nation’s Transition Plan Taskforce (TPT) said last week that high quality transition plans from both corporates and investors are key for the UK as a whole to achieve its net-zero goals.

The TPT, which is made up of representatives from both government and business, aims to both encourage and provide guidance for developing solid transition plans. Working groups have been established to bring businesses together in this cause while “supporting testing, refining, and scaling up, as well as connecting to datasets, models, and tools that can help shape their projects.”

This push within the UK follows the CDP’s recent determination that only 0.4% of disclosing companies have credible transition plans. We expect to see continued emphasis, within the UK and elsewhere, on not only increasing the number of climate transition plans but ensuring that they are fully thought-out, data-based, and complete.