Last November at the COP26 UN Climate Summit, British finance minister Rishi Sunak said companies would have to publish a plan from 2023 with targets to mitigate climate risk, interim goals between now and 2050 and measures to meet them.
It is part of Britain's commitment to make the UK the world's first net-zero aligned financial centre.will develop "rigorous and robust" measures to tackle greenwashing - inflated green credentials - and support companies to establish "investable and accountable" transition plans, the finance ministry said in a statement on Monday.
"Preventing the worst impacts of climate change will take all businesses developing ambitious, consistent transition plans to get us to a low carbon future," said Amanda Blanc, CEO of insurer Aviva and co-chair of the new Transition Plan Taskforce. It has a two-year mandate to set up good practices for transition plans, along with a 'sandbox' to test the new plans.Reporting by Huw Jones;Editing by Elaine HardcastleSubscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
zeroing out the economy - gotcha