Aviva’s Blanc to co-chair new UK Transition Plan Taskforce

Written by Adam Cadle

25/04/2022

HM Treasury has launched a new UK Transition Plan Taskforce (TPT), with Economic Secretary to the Treasury, John Glenn, co-chairing alongside Aviva CEO Amanda Blanc, to develop the "gold standard" for UK businesses’ climate transition plans.

Glenn said the TPT would be responsible for developing a new regime that would force UK financial institutions and listed companies to develop and publish rigorous and robust transition plans that detail how they will adapt and decarbonise as the UK moves towards a net-zero economy by 2050.

Under the rules announced by Chancellor Rishi Sunak at COP26, the UK government is requiring large companies and certain financial sector firms to publish a transition plan from 2023. These new requirements will build on the latest implementing guidance of the Taskforce on Climate-related Financial Disclosures (TCFD).

Blanc said: “Everyone in the UK will be touched by the climate crisis, so all of us depend on shifting the economy to net-zero as soon as possible. Preventing the worst impacts of climate change will take all businesses developing ambitious, consistent transition plans to get us to a low carbon future. I’m delighted to be co-chairing this crucial work alongside the Economic Secretary and hope that the UK will set the gold standard, for everyone’s benefit.”

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