The Transition Plan Taskforce (TPT) has launched a consultation on new sector-specific guidance, designed to help those preparing private sector climate transition plans.

TPT previously announced the launch of its best practice Disclosure Framework for transition plans last month, which aimed to support companies and financial institutions in contributing to the shift to net zero.

To supplement this framework and the group's broader resources for best practice transition plans, TPT has now shared sector-specific guidance documents for seven sectors within finance and the real economy.

Launching the consultation, the TPT argued that companies should get started today with their climate transition plans so they can play their part in the urgent shift to net zero.

It also stressed that a company’s transition plan should take a strategic and rounded approach that explains how it will meet climate targets, manage climate-related risks, and contribute to achieving net zero.

The sector-specific guidance is therefore intended to help preparers interpret the final TPT Disclosure Framework in more detail for their sector.

The group is consulting on the draft guidance until 29 December 2023, with separate consultations launched for each of the seven sectors. These are: Asset managers, asset owners, banks, electric utilities and power generators, food and beverage, metals and mining, and oil and gas.

Commenting on the new guidance, TPT co-head, Kate Levick, stated: “TPT is delighted to achieve the next step delivering on its mandate to provide real-life detailed guidance to help companies in their journey to climate transition and to a net-zero economy.

"We call on companies to read the relevant drafts and tell us what more they need from the final guidance to help them achieve success.

“The sectors selected by TPT will all be important for the UK and global transition, the drafts launched today are intended to support the delivery of credible and robust transition plans by firms which can stimulate investment and economic growth.”

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