Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he will implement net zero transition plans on a mandatory basis as part of the Green Finance Roadmap.

At COP 26, the Chancellor announced that the UK would require financial institutions to publish robust firm-level transition plans setting out how they will decarbonise as the UK meets its ambitious and legally binding net zero targets. Initially, asset managers, regulated asset owners and listed companies will have to publish transition plans that consider the government’s net zero commitment or provide an explanation if they have not done so.

The UK will move towards making publication of transition plans mandatory and will strengthen requirements as standards for transition plans emerge. The new Transition Plan Taskforce, also announced by the Chancellor at COP, will develop a ‘gold standard’ for transition plans and associated cutting edge metrics that will inform these requirements.