At COP26, the Chancellor announced that financial sector firms and listed companies will have to publish clear, deliverable transition plans in 2023, setting out how they will decarbonise and transition to net zero. This will be implemented by the Financial Conduct Authority as part of the regulatory regime.

Following the Chancellor’s announcement, HM Treasury launched a Transition Plan Taskforce (TPT) in April 2022 to provide companies with guidance of what transition plans should look like and in November 2022 the TPT published their Disclosure Framework and Implementation Guidance for gold standard transition plans, which is under consultation until 28 February 2023.