Source · Select Committees · Environmental Audit Committee
Recommendation 13
13
Acknowledged
Paragraph: 90
Just transition principles not explicitly included within the transition plan framework.
Conclusion
We welcome the Government’s commitment to just transition principles in its Green Finance Strategy and the inclusion of specific workstreams in the creation of the transition plan disclosure framework and implementation guidance. While the Transition Plan Taskforce acknowledges the inclusion of just transition principles within its working group and includes a definition within its guidance, we are concerned that it does not appear to include those principles explicitly within the transition framework itself, which may leave organisations with no further knowledge of how their transition plans should consider wider stakeholders.
Government Response Summary
The government acknowledges the concern, stating the Transition Plan Taskforce (TPT) has launched working groups, including one on just transition, to advise on appropriate integration of these topics into its outputs.
Paragraph Reference:
90
Government Response
Acknowledged
HM Government
Acknowledged
The TPT’s core mandate is to develop a framework for corporate and financial institutions’ climate transition plans. In response to stakeholder feedback, the TPT has launched three Working Groups on nature, adaptation and just transition. These groups are providing advice on the appropriate integration of these topics into the TPT’s outputs, noting that the understanding of nature-related transition issues is currently limited to climate ones. The Government has always been clear that UK Sustainability Disclosure Requirements should be underpinned by internationally recognised standards as far as possible, to ensure that environmental issues can be tackled across borders, especially for those firms operating in multiple jurisdictions.