UK Extends Transition Taskforce Mandate

The UK has extended by at least three months the mandate of its Transition Plan Taskforce (TPT) to support its Transition Finance Market Review. First announced during COP26, the TPT was launched by HM Treasury in April 2022, with goals to develop a gold standard for private sector climate transition plans. The transition review will consider how the UK government can scale transition-focused capital and maximise related opportunities for its financial services sector. The TPT will now contribute to this work by drawing on its existing knowledge and interactions with domestic and international networks. The TPT has almost completed the original tasks outlined in its two-year mandate. Most crucially, it published in October last year its Disclosure Framework and Implementation Guidance, in line with the UK’s COP26 pledge to “become the world’s first net zero-aligned financial centre”. Over the coming months, the TPT will publish its final deep dive guidance for carbon-intensive sectors, asset owners and managers. It will also share analysis on core climate themes, such as adaptation and just transition, and deliver a forward pathway on transition plans.

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