The Government announced last year large companies will be required to publish transition plans as part of their financial reporting commitments from 2023. The Treasury has announced a Taskforce to advise on standards for the reporting. The key points are

1.  Background

  • Chancellor announced in 2021 a requirement for large companies to publish transition plans from 2023 on how they will take their business to net zero by 2050 (UK target)
  • Will be a requirement overseen by the Financial Conduct Authority (FCA)

2.  Transition Plan Taskforce

  • Launched by Treasury to advise Government on the reporting standards
  • Taskforce led by Minister Glen consists of primarily financial representatives, but also Unilever and WWF (no retail rep) full list here
  • Taskforce objective to develop ‘gold’ standard of reporting to ensure consistency and rigour
  • Taskforce will consider existing initiatives to recommend standard
  • Intention to incorporate standard in regulation

3.  BRC Action

  • We have written to Treasury asking for a meeting to discuss next steps
  • Our intention will be to ensure members can take advantage of existing initiative including our Roadmap and current reporting mechanisms to minimise burdens and drive consistency
  • We will update you on progress and aim to set up a call for members with officials supporting the Taskforce