The Transition Plan Taskforce (TPT) was launched in the United Kingdom (UK) by HM Treasury in April 2022 to develop the gold standard for private sector climate transition plans. The TPT is informing and building on international disclosure standards. The UK Government and the Financial Conduct Authority are actively involved and will draw on the TPT’s outputs to strengthen disclosure requirements across the UK economy.

The TPT’s recent consultation encouraged market participants and other stakeholders to provide comments and feedback on the proposed TPT Disclosure Framework and Implementation Guidance. 

In our recent submission to Treasury in Australia, we outlined out support of progress made on sustainability reporting. As part of this submission, we make the point that entities should be required to disclose transition plans, including separate disclosure of their use of offsets. Given the current variation in the approach and quality of transition plans, we suggest that they should be based on best practice guidance developed by the Government. We also note international developments in this area, such as the UK TPT disclosure framework and the Glasgow Financial-Alliance for Net zero (GFANZ), which would in our view provide a strong basis for Australian guidance.

Our joint submission collectively represents the voice of Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, the Australian Sustainable Finance Institute (ASFI) and the Investor Group on Climate Change (IGCC). We consider clear, transparent, comprehensive and comparable disclosure of sustainability-related information to be part of the foundation of a well-functioning global financial system. We encourage the TPT to consider their global reach and to incorporate additional guidance specifically on the presentation of transition plan information in future releases. 

Find out more information on the TPT.