Transition plans: ensuring their comparability, credibility and effectiveness to accelerate the low carbon transition
This debate paper provides recommendations to policy makers, at national, European, and international level, as they incorporate the concept of transition plans into the climate-related regulatory framework.
While transition plans are increasingly recognised as an essential tool in the transformation towards a low-carbon socio-economic system, lack of global harmonisation about their characteristics hampers their comparability and credibility. Indeed, it appears that multiple initiatives coexist, arguably addressing different goals and audiences, but largely overlapping.
In this context, for the large transformative effort expected from non-financial corporates and financial institutions to occur, it is crucial to clarify and unify these coexisting frameworks (to the extent possible). It is also key to provide clear guidance to the private sector as they work on converting their commitments into workable action plans.