Transition Plan Taskforce
TPT Need to Know Guide
Comprehensive overview of TPT, including forthcoming consultations
Climate Transition Plans webinar
Deloitte Academy presentation slides
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On 9th October 2023, the Transition Plan Taskforce (TPT) published its Disclosure Framework along with guidance documents to help companies develop, disclose, and deliver “gold standard” climate transition plans.
In November 2023, the TPT published a series of sector-specific guidance documents designed to be read alongside the Disclosure Framework. The TPT Disclosure Framework and guidance support companies wanting to produce ‘gold standard’ climate transition plans and high-quality disclosures. The TPT Disclosure Framework presents an opportunity for firms to embed their climate strategy into their culture and decision-making and to leap ahead in building and implementing their plans to achieve their net zero ambitions.
TPT Disclosure Framework and Guidance documents:
- The Disclosure Framework is the main document containing a set of ‘principles’ split into 5 Elements (Foundations, Implementation Strategy, Engagement Strategy, Metrics and Targets, and Governance), which are further divided into 19 Sub-Elements.
- The Explore the Disclosure Recommendations guidance document explains why each Sub-Element is included, along with additional disclosure considerations and practical examples. This guidance is useful for preparers or practitioners.
- The Transition Planning Cycle document explains how to start or develop a transition plan and is helpful for C-suite audiences.
- Technical annexes explain how TPT is aligned with TCFD and ISSB, how it can be read alongside CSRD, and is useful for practitioners.
- Sector summary guidance provides high-level summaries for 40 sectors on decarbonisation levers, metrics and targets.
- Sector deep dive documents provide additional sector-specific information on 7 sectors (Asset Management, Asset Owners, Banking, Electric Utilities and Power Generators, Food & Beverage, Metals & Mining and Oil & Gas) across certain Sub-Elements where they differ to the (sector-neutral) TPT Disclosure Framework.
Key Implications:
- The FCA intends to incorporate TPT into the Listings Rules. This would apply to Listed companies and unlisted asset managers and asset owners for accounting periods beginning on or after 1st January 2025.
- The FCA has encouraged early adoption by companies rather than waiting for the regulations to be adopted in the UK.
- It has global relevance: several jurisdictions, including the USA, Singapore, Australia and New Zealand have published transition plan consultations that cite the TPT as good or best practice guidance.
Please get in touch if you need support with your transition planning, including gap analysis and transition plan readiness.
