Taskforce launched to track financial firms’ net zero plans

It will require these companies to publish clear plans on how they hope to achieve net zero by 2050

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HM Treasury has launched a new taskforce to ensure UK firms’ climate transition plans are up to scratch.

The UK Transition Plan Taskforce will require financial companies to develop and publish clear plans that show how they look to decarbonise and move towards net zero by 2050.

The move has been made following the Chancellor’s announcement at COP26; that all large companies and certain financial firms must publish a climate transition plan by 2023.

Amanda Blanc, Co-Chair of the taskforce, said: “Preventing the worst impacts of climate change will take all businesses developing ambitious, consistent transition plans to get us to a low carbon future.

Mary Schapiro, Vice Chair, Glasgow Financial Alliance for Net Zero (GFANZ), commented: “The UK Transition Plan Taskforce will help bring transparency to net zero targets, ensuring accountability and that meaningful progress is achieved.”