Companies: Environment Protection

Treasury written question – answered on 2nd December 2021.

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Photo of Alex Sobel Alex Sobel Shadow Minister (Digital, Culture, Media and Sport)

To ask the Chancellor of the Exchequer, with reference to the Net Zero Strategy published in October 2021, if he will make an assessment of the potential merits of asking companies to report on steps they have taken to help ensure a just transition to a green economy in their transition plans.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

At COP26 Finance Day the Chancellor announced that the UK will move towards making transition plans mandatory. Initially, asset managers, regulated asset owners and listed companies will need to publish a transition plan or provide an explanation if they have not done so.

Recognising that there is not yet an agreed standard for transition plans, the Chancellor also announced that the Government will set up a Transition Plan Taskforce. This will bring together the best of British industry and academia with regulators and the third sector to develop recommendations on transition plan disclosures in the UK. It will consider relevant Government policy in its work, such as the Net Zero Strategy, and report initially by the end of 2022.

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