Response to the Transition Plan Taskforce consultation on the TPT Disclosure Framework and Implementation Guidance
This is a consultation response briefing written by authors from the Grantham Research Institute on behalf of the Financing a Just Transition Alliance (FJTA), 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.
At COP27, the Transition Plan Taskforce (TPT) launched a consultation on a Disclosure Framework and accompanying Implementation Guidance. This response aims to provide the Transition Plan Taskforce (TPT) Secretariat and Working Groups with a clear set of adoptable recommendations on the just transition within this Framework and Guidance.
The consultation response urges the Transition Plan Taskforce (TPT) to make an explicit acknowledgement of the importance of supporting the just transition to net zero and provide guidance for those preparing Transition Plans to start to set policies, and measure and disclose the risks and opportunities that their net zero transition plans might generate for workers, suppliers, consumers and communities.
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.