KPMG responds to the launch of the Transition Plan Taskforce framework

Following the launch of the Transition Plan Taskforce’s final climate disclosure frameworks for corporates, which they have described as the ‘gold standard’, three of KPMG UK’s ESG and Climate leaders comment on the impact of this latest development in corporate ESG reporting.

Bridget Beals, Partner and Head of Decarbonisation, Climate & Nature, KPMG in the UK, says:

“Today’s launch draws a clear line in the sand on corporate climate action. Too many companies have been hiding behind a headline Net Zero ambition without drawing the necessary action to turn this into implementation. That must all now change with a clear impetus for driving clarity on short, medium, and long-term targets; how these will be met and the key uncertainties and interdependencies that could move this off course.

“In order to tackle the climate crises, we must integrate sustainability into core business strategy, balancing growth, climate, and nature-based action with social outcomes. Transition Plans will necessitate that businesses consider carefully these different objectives and lay out a carefully considered strategy for delivery.”

Simon Weaver, Partner and Global Head of Strategy, Transformation & Implementation, KPMG, added:

“The Transition Plan Guidance is a great opportunity for businesses to take a leap forward in delivering on the economy wide climate targets that have been set. We are already starting to see the leading companies use the draft guidance as a great way to create a sustainable business case for change, leaning into emerging opportunities despite the current economic conditions. The guidance really helps companies understand what they control, where they can influence, and consequently where they should prioritise their investments in the shorter term. 

“Business should consider how sustainability, risk, finance and strategy can work together to drive sustainable change across their organisation, using the transition plan guidance to help evolve the conversation in the Boardroom.”

Hilary Eastman, Partner and Head of ESG Reporting, KPMG in the UK, commented:

“This is an exciting time for organisations to demonstrate their contributions to the climate transition and for investors and others to have information that helps them assess progress. The framework will help support the creation of consistent, comparable company reports, and reduce the level of complexity faced by companies in disclosing climate-related information.

“This is the first time that the link between climate strategy and financial planning has been set out in this way. To enable this integration, companies will need close collaboration across functions and business units to drive the level of analysis and data needed to meet market expectations. The transparency brought by transition plans will ultimately provide one of the big missing links - clarity about the effect on value.”

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For further information please contact:

KPMG Media Relations

Claire Barratt

Mobile: +44 (0)7923 439264

claire.barratt@kpmg.co.uk

About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.  

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