Why transition plans matter
Transition plans will soon be required in US and EU legislation. Developing and publishing a transition plan is also a requirement of the UN Climate Change High-Level Champions’ Race to Zero campaign, and thus essential for joining or remaining in any associated initiatives.
Other stakeholders, too, will be looking to your transition plan to support their decision making. These include financial institutions, suppliers as well as media and policymakers.
But writing a transition plan is also an important step in operationalising your company’s overall climate strategy and will help your company succeed in the long term. A transition plan turns long-term transformational targets into a step-by-step roadmap for creating sustainable change within your company.
How to use Exponential Roadmap Initiative’s guidance
The Exponential Roadmap Initiative’s free-to-use transition plan template is in line with the evolving regulation and guidance from 12 different organisations.
This template has been prepared in such a way that you can directly write into and adjust formatting to reflect your company’s styles.
A complementary mapping offers more detail as to which transition plan elements is required or requested by which initiative or organisation.
Validating transition plans
An Exponential Roadmap Initiative mapping shows that validating transition plans is likely to have at least two aspects:
- Validating inclusion: ensuring that recommended points have been covered in a transition plan (eg that a given transition plan document contains a date for fossil fuel phase out)
- Validating ambition: ensuring that the planned actions meet ambition thresholds (e.g. that a company’s planned date for phasing out fossil fuels is soon enough)
The United Nations Framework Convention on Climate Change (UNFCCC) has been conducting an independent consultation that is to result in recommendations for a framework to both provide recognition for and accountability on the climate efforts of such actors.
Exponential Roadmap Initiative’s submitted views to this consultation, arguing that
the text in any validation framework describing requirements for transition plans will need to be carefully crafted in order to make sure requirements are understandable to the reader/user and are interpreted in the same way by all stakeholders – both by validators and by companies subject to validation.
Excerpts from our events on transition plans
- Transition plans as a driver for business transformation towards climate solutions: Exponential Roadmap Initiative’s message at COP28 (blog post)
- COP28: Countries agree to ‘transition away’ from fossil fuels, business key to showing that a rapid phase out is achievable (blog post)
- 5 learnings and 3 calls to action on 1.5°C-aligned transition plans (opinion in Context News)
Transition plans as a driver for business transformation towards climate solutions: Exponential Roadmap Initiative’s message at COP28
At COP28, Exponential Roadmap Initiative focused its contributions on how transition plans can enable business transformation towards climate solutions – and how climate solutions can be defined.
COP28: Countries agree to ‘transition away’ from fossil fuels, business key to showing that a rapid phase out is achievable
Exponential Roadmap Initiative stresses the key role of business in driving the fossil fuel phase out as observers largely agree the deal struck at COP28 marks the beginning of the end of the fossil era.
At COP28, business and banking representatives discussed what can drive the transformation of the financial system and what role companies can play.
A discussion paper by Exponential Roadmap Initiative and Oxford Net Zero presents principles and criteria to define and qualify climate solutions and climate solutions companies.
Nordea, the leading Nordic bank, is collaborating with the SME Climate Hub to encourage their small and medium-sized corporate customers to make a globally recognized climate commitment and report on emissions annually through the initiative. As part of the...
Exponential Roadmap Initiative’s COP28 events focus on bringing together experts in science and business to advance companies’ transition towards delivering climate solutions.