Climate Transition Action Plans from a leading NGO coalition
With businesses at various stages of starting, reviewing, enhancing and testing their transition plans, there’s a need for guidance and a shared framework to make more progress more quickly. The UK Transition Plan Taskforce’s proposed framework is a huge step forward and is open for consultation until the end of February 2023. This framework will inform regulatory disclosures.
Other key stakeholders, including the investor community and civil society, are now represented in the definition of a comprehensive transition plan published by a leading NGO coalition. We Mean Business Coalition, CDP, Ceres, and Environmental Defense Fund (EDF) have consulted with Ramboll Consulting to develop a consensus-driven definition of a comprehensive Climate Transition Action Plan (CTAP). They have reviewed 31 transition plan guidance documents from 17 organisations to identify best-in-class practices and common core transition plan elements. The project also surveyed over 100 companies, investors, and other stakeholders on their needs.
The journey to corporate climate credibility is outlined in three steps:
- Set science-based goals
- Develop a Climate Transition Action Plan (CTAP) with four components
- Emissions Reduction Strategy
- Governance and Business Strategy Integration
- Public Policy
- Just Transition
- Establish accounting and reporting
Their definition of a comprehensive CTAP is:
- a forward-looking list of actions
- taken in the near term
- to align internal strategies
- and external climate and energy policy advocacy
- to reduce GHG emissions in line with a 1.5°C pathway
- and achieve a just transition.
Climate Transition Action Plans: Activate your journey to climate leadership
We recommend you familiarise yourself with this report to build your own climate literacy and ability to guide boardroom conversations on transition planning.
Report date: October 2022
Read the CTAP report hereRelated Content
Transition Planning Toolkit: Barriers and Enablers
Part 4 of the Transition Planning Toolkit. Read ‘Barriers and Enablers’ to consider and prepare for the barriers to developing and delivering on the company’s transition plan, and to understand enabling factors and processes that may enhance this delivery.
Plans beyond pledges: Key insights on the role of boards from flagship event
An orderly transition to a low-greenhouse gas and climate-resilient economy demands robust transition planning led by effective and courageous climate leadership by boards. Read the summary from WTW on key insights on the role of boards, as well as perspectives from corporates and investors, from our flagship event.
Flagship event launched the Transition Planning Toolkit
Last night we launched our new Transition Planning Toolkit for non-executive directors at our flagship event attended by more than 300 Chapter Zero members, partners and supporters.
