Among the main themes of the feedback, respondents stressed the importance of international alignment and highlighted potential difficulties in developing comprehensive transition plans at this point. In response, the TPT has confirmed that the final Disclosure Framework will be adjusted to ensure close alignment with the finalised ISSB standards, and to emphasise that transition planning should be regarded as an iterative process, and that initial transition plans are not expected to be complete. The Disclosure Framework will also be updated to include recommendations from TPT working groups on nature, adaptation and just transition on how to integrate these thematic areas.
The TPT has also announced seven sectors which will be the subject of further detailed guidance which supplements the final Disclosure Framework. These are: Asset Management, Asset Owners, Banking, Electric Utilities and Power Generators, Food and Agriculture, Metals and Mining, and Oil and Gas. The IA and a number of IA members have participated in the Asset Management Working Group.
The TPT plans to publish its final Disclosure Framework in October 2023 alongside an initial version of its Implementation Guidance, which will be updated before a final version is published by February 2024, when the TPT’s mandate ends. Sector-specific guidance will be published for consultation in November 2023.
In Q1 2024, the TPT will also publish recommendations for future work on transition plans after the end of the TPT’s mandate. The TPT status update also states that the FCA expects to consult on strengthening its requirements for transition plan disclosures when it consults on implementing UK-endorsed ISSB standards. A UK Government consultation on introducing requirements for the UK’s largest companies to disclose their transition plans is expected to take place after the release of the finalised TPT Disclosure Framework.