The UK Government has extended the mandate of the Transition Planning Taskforce (TPT) until at least 31 July 2024 to coincide with a new Transition Financial Market Review (TFMR), which aims to consider how to create conditions for By doing so, we strengthened our focus on transition funds. To honestly scale up transition-focused capital raising.
A newly launched review aims to make the UK financial and professional services ecosystem a leading hub and provider of transition financial services by helping UK and international businesses and investors achieve a trusted net-zero pathway. What you need to do to become one will also be considered.
The overlapping period between the two processes will allow TPT to fully contribute to the review effort while supporting the development of a consistent national and international transition approach.
The TPT was originally set up in the wake of COP26, when then Chancellor of the Exchequer Rishi Sunak promised to make a climate change strategy mandatory across the UK economy. The Treasury Department then tasked TPT with designing expectations that regulators could use when developing rules.
Both processes were launched following the 2023 Green Finance Strategy, in which the government announced it would commission a review of how the UK could become the best place in the world to finance the transition.
In recent years, as the global debate on transition planning has progressed, it has become clear that reliable transition planning is expected to play a central role in the development of a high-integrity transition financing approach. I did.
Beyond the UK, a number of jurisdictions and global multilateral initiatives are currently considering the relationship between the two.
TPT's technical efforts involve ongoing international engagement with the Financial Stability Board, IOSCO, NGFS, as well as the G7, G20, UNFCCC, and the Union of Finance Ministers on Climate Change.
Additionally, with input from more than 600 organizations around the world, we published the TPT Disclosure Framework along with implementation guidance and draft sector guidance.
This year, TPT will publish final deliverables including final detailed sector guidance for asset owners and managers and a forward path for transition planning that takes into account maintaining a strong ecosystem around transition planning. It's a schedule.
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