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