Response to the Transition Plan Taskforce consultation on the TPT Disclosure Framework and

Response to the Transition Plan Taskforce consultation on the TPT Disclosure Framework and Implementation Guidance Brendan Curran, Josie Murdoch, Oleksandra Plyska and Nick Robins March 2023 The Grantham Research Institute on Climate Change and the Environment was established in 2008 at the London School of Economics and Political Science. [...] The recommendations and research in this response draw on the Grantham Research Institute report Making Transition Plans Just: How to embed the just transition into financial sector net zero plans (Curran et al., 2022) and a joint Grantham Research Institute and Impact Investing Institute technical note on the just transition prepared for Working Group One of the Transition Plan Taskforce [unpubli. [...] The current draft guidance does include some reference to the social dimensions of transition (for example, using the terminology of ‘material interdependencies’ in relation to workers, suppliers, communities and consumers, and also the natural environment) and the Implementation Guidance references our Making Transition Plans Just report. [...] Align with UK government commitments: As well as committing to the principle stated in the Paris Agreement of “Taking into account the imperatives of a just transition of the workforce and the creation of decent work and quality jobs in accordance with nationally defined development priorities” (UNFCCC, 2015), the UK government has actively advanced the just transition agenda by delivering the ‘St. [...] Board We recommend that the Disclosure Framework draws on the oversight following recommendation from our Making Transition Plans Just and report: reporting Board and senior executive leadership should commit to ensuring that the just transition is incorporated into institutional strategy and culture, identifying roles for the Chair, Non-Executive Directors and the operation of board sub-committee.