👏🏼 💡 As we conclude the Transition Plan Taskforce’s work, we want to express our heartfelt thanks to everyone who has contributed to this incredible journey. This includes our Steering Group, Delivery Group, twelve working groups across sectors and topics, and hundreds of organisations globally in finance, industry, civil society, government, and regulators. Your unwavering commitment, expertise, and passion have been the driving force behind TPT’s success. Together, we have made significant strides in developing clear and consistent #transitionplanning disclosures that will continue to shape corporate climate strategies for years to come. Your contributions have helped create a lasting impact that we are proud to see live on through the IFRS Foundation, assuming responsibility for the TPT’s disclosure materials. Working alongside each of you has been a privilege, and we are deeply grateful for the shared vision and hard work that brought TPT’s mission to life. While this chapter comes to a close, the legacy of TPT’s work will continue to inspire and guide the global transition to a sustainable future. Read our final report here: https://lnkd.in/dTw42XRJ Thank you for being part of this remarkable journey. With gratitude, The Transition Plan Taskforce Secretariat
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Head of Climate Transition & ESG Engagement at Royal London Asset Management
As the TPT closes its mandate, it is fundamental that the iterative process of developing transition plans fulfils the TPT’s core aim. This is to become a gold standard for plans that cut across multiple thematic areas including (just*) transition, adaptation/resilience and nature amongst other areas of dependency and impact. * I apply the “just” consideration across all of these themes to address the social-environmental dilemma of combating historical and/or new externalities. https://lnkd.in/e-_72MPF
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At WSP, we're at the forefront of climate-related disclosures. In response to the official transfer of monitoring companies' climate-related disclosures from TCFD to IFRS by the Financial Stability Board, WSP has prepared valuable guidance for companies operating under the supervision of IFRS. Explore our latest insights on the future of climate-related financial risk reporting and opportunities for resilience: https://lnkd.in/evzXyKW4 Join us in creating a Future Ready world where we make and create lasting impact in all the realms of resilience. https://lnkd.in/e8MjCDZ5 #RealmsOfResilience #Sustainability #ClimateChange
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Account Manager @ Chartered Accountants Australia and New Zealand | Key Account Management, Business Development, Supporting Difference Makers
🌿 Mandatory climate-related financial disclosures are on the horizon in Australia. To help finance professionals and teams prepare, CA ANZ and BDO in Australia have collaborated on a practical roadmap outlining essential activities for reporting entities. Access this valuable resource for expert guidance and insights: https://ow.ly/9Rco30sFqgy #DifferenceMakers #CAANZ #climatedisclosures
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Transition planning and transition plan: turning a nice idea into a good and effective policy. Today, the Network for Greening the Financial System (NGFS) released a series of reports (and a synthesis for the time constrained reader) about the next leg of the transition plan journey: making transition plans ready for implementation and fit for purpose. As the financial community (and, more broadly, the economic system at large) is learning by doing in planning for the transition, many recent publications cast some light on various dimensions of transition plans. In its own work, the Network for Greening the Financial System (NGFS) has examined three key challenges. 🏭 Effective transition in the financial sector is very much intertwined with the transition of the real economy. So what? Does this hinder efforts by financial institutions to make a positive contribution to the global transition to net zero? There are important complementarities between planning at government and corporate level and planning by financial institutions but the former is not a prerequisite to the latter. 🌍 Transition planning and transition plans are more developed among advanced economies (AEs). Are they irrelevant to emerging markets and developing economies (EMDEs)? Is there a risk they would prove detrimental in many other places? Transition planning is neither irrelevant to nor out of reach for financial institutions headquartered in EMDEs. But this approach needs some tailoring to reflect the reality of the transition and a different balance between mitigation and adaptation. Meanwhile, whole-of-economy approach to the transition and governments’ transition strategy (i.e. ambitious, credible and implementable NDCs) are are key enablers of any approach by EMDEs financial institutions (which are an essential part of the transition of these economies). And AE headquartered financial institutions should factor in the specifics of the transition at local level. There is one unique destination: net zero early enough to remain “well below 2C, as close as possible to 1.5C” but the journey will differ. 🔎 Commitments are only words. What can make transition plans credible commitment? Transition plans should be a unified document but supervisors may have specific views on what make this plan valuable. They will care about the governance of the planning process and the execution of the plan, the truthful engagement with key clients, the approach to risk, the viability of the implied actions, the monitoring and the regular reviewing of the plan. These are only parts of what make a plan credible (other will have complementary perspectives), but, in designing transition plans “template”, these are critical features. Sabine Mauderer Tolga Yalkin Tim Rawlings Vivian Yu Nina Wong Amy-Jane Burrell Saori Takahashi Martijn Regelink François Lesage Thomas Beretti Thomas Allen Elsa Allman Elsa Cheminet Ludivine B. Jasper Chan Rachèle Sannier Laj Gajwani
The Network for Greening the Financial System (NGFS) has today published three reports and a cover note on Transition Plans: 📙 𝐀 𝐜𝐨𝐯𝐞𝐫 𝐧𝐨𝐭𝐞 highlights the key findings of the work and formulates cross-cutting recommendations, based on the three reports. 📕 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐧𝐝 𝐧𝐨𝐧-𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐢𝐫𝐦𝐬, which assesses the interlinkages between the transition of the real economy and financial institutions’ transition plans. 📗 𝐓𝐚𝐢𝐥𝐨𝐫𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐄𝐌𝐃𝐄𝐬, which explores the needs and challenges of emerging market and developing economies (EMDEs) related to transition plans. 📘 𝐂𝐫𝐞𝐝𝐢𝐛𝐥𝐞 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐓𝐡𝐞 𝐦𝐢𝐜𝐫𝐨𝐩𝐫𝐮𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐩𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞, which examines the credibility of financial institutions’ transition plans and processes from a micro-prudential perspective. The key findings from these three reports reinforce the results of the initial stocktake report, published in May 2023, and identify three key actions to support the global adoption of transition plans: ➡️ 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞: development of international guidance for transition planning and corresponding, interacting frameworks for the disclosure of transition plans. ➡️ 𝐇𝐨𝐥𝐢𝐬𝐭𝐢𝐜 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬: holistic transition plans should integrate both transition and physical aspects of climate change while considering the ongoing loss of nature. Existing transition plans are chiefly focused on strategy, but transition planning exercises should also be informed by risk management. ➡️ 𝐄𝐧𝐚𝐛𝐥𝐢𝐧𝐠 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐚𝐝𝐨𝐩𝐭𝐢𝐧𝐠 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬: this includes clarity about policy directions, such as national climate frameworks, and economy-wide incentives for developing and disclosing transition plans to broaden adoption and close information gaps. Through the publication of these reports, the NGFS intends to contribute to the ongoing efforts of the global community to spur the development and implementation of transition plans in the non-financial and in the financial sector to accelerate the transition toward net zero. 👉 Check the publication: https://lnkd.in/eaH_h3-g 👉 Check the press release: https://lnkd.in/ej4s4uZe #NGFS #TransitionPlan #Supervision #EMDEs #Credibility Tolga Yalkin | Tim Rawlings | Vivian Yu | Nina Wong | Amy-Jane B. | Saori Takahashi | Martijn Regelink | François Lesage | Rachèle Sannier | Jean Boissinot | Thomas Beretti | Jasper Chan | Laj Gajwani
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#TransitionPlans have become a widely discussed subject. The Network for Greening the Financial System (NGFS) released not 1 but 3 reports on the topic! These reports aim to help everyone understand this important topic and encourage action among central banks and financial supervisors. Follow the link in the post below to access the reports and foreword by Sabine Mauderer and Assistant Superintendent Tolga Yalkin.
The Network for Greening the Financial System (NGFS) has today published three reports and a cover note on Transition Plans: 📙 𝐀 𝐜𝐨𝐯𝐞𝐫 𝐧𝐨𝐭𝐞 highlights the key findings of the work and formulates cross-cutting recommendations, based on the three reports. 📕 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐧𝐝 𝐧𝐨𝐧-𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐢𝐫𝐦𝐬, which assesses the interlinkages between the transition of the real economy and financial institutions’ transition plans. 📗 𝐓𝐚𝐢𝐥𝐨𝐫𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐄𝐌𝐃𝐄𝐬, which explores the needs and challenges of emerging market and developing economies (EMDEs) related to transition plans. 📘 𝐂𝐫𝐞𝐝𝐢𝐛𝐥𝐞 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐓𝐡𝐞 𝐦𝐢𝐜𝐫𝐨𝐩𝐫𝐮𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐩𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞, which examines the credibility of financial institutions’ transition plans and processes from a micro-prudential perspective. The key findings from these three reports reinforce the results of the initial stocktake report, published in May 2023, and identify three key actions to support the global adoption of transition plans: ➡️ 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞: development of international guidance for transition planning and corresponding, interacting frameworks for the disclosure of transition plans. ➡️ 𝐇𝐨𝐥𝐢𝐬𝐭𝐢𝐜 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬: holistic transition plans should integrate both transition and physical aspects of climate change while considering the ongoing loss of nature. Existing transition plans are chiefly focused on strategy, but transition planning exercises should also be informed by risk management. ➡️ 𝐄𝐧𝐚𝐛𝐥𝐢𝐧𝐠 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐚𝐝𝐨𝐩𝐭𝐢𝐧𝐠 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬: this includes clarity about policy directions, such as national climate frameworks, and economy-wide incentives for developing and disclosing transition plans to broaden adoption and close information gaps. Through the publication of these reports, the NGFS intends to contribute to the ongoing efforts of the global community to spur the development and implementation of transition plans in the non-financial and in the financial sector to accelerate the transition toward net zero. 👉 Check the publication: https://lnkd.in/eaH_h3-g 👉 Check the press release: https://lnkd.in/ej4s4uZe #NGFS #TransitionPlan #Supervision #EMDEs #Credibility Tolga Yalkin | Tim Rawlings | Vivian Yu | Nina Wong | Amy-Jane B. | Saori Takahashi | Martijn Regelink | François Lesage | Rachèle Sannier | Jean Boissinot | Thomas Beretti | Jasper Chan | Laj Gajwani
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Orthogonal thinker with expertise in sustainable finance; stakeholder relationship management; startups; strategy; movement making. All views expressed here are my own.
🌍📢 Calling investors! 📢🌍 The IASB has released a consultation document with eight new illustrative examples to enhance climate-related disclosures and reporting on other uncertainties in financial statements. https://lnkd.in/gCjTQstY 📊 🔍 Why it matters: Improve transparency in financial reporting; strengthen linkage between financial statements and sustainability disclosures. 💬 Share your thoughts: What are your thoughts on the IASB's new illustrative examples? How can better climate disclosures impact your decisions? Review the examples and provide feedback by 28 November 2024. Your input is crucial! #SustainableFinance #ClimateDisclosure #IASB #InvestorTransparency #SustainabilityReporting
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The Network for Greening the Financial System (NGFS) has released three reports on Transition Plans, reinforcing the need for integrated international guidance, holistic transition plans and processes, and enabling conditions for adopting transition plans. These reports aim to accelerate the development of effective transition plans which have an important role to play in assisting the financial system to mobilise capital and manage climate-related financial risks. Particularly relevant to APRA is the report 'Credible Transition Plans: The microprudential perspective', which provides guidance on the relevance of transition plans for prudential supervisors. Sean Carmody, APRA’s Executive Director for Insurance, said: “Transition planning has emerged as a key tool for firms to manage their climate-related risks and to plot their course to net zero. Financial regulators around the world have been following these developments closely and for prudential supervisors like APRA, a central question has been: 'What is our role here and what does it mean to supervise the development of transition plans?' The NGFS has consistently provided thought leadership for supervisors, helping them to respond to climate-related financial risks and this suite of publications represents another valuable contribution which will help us to answer that question.”
The Network for Greening the Financial System (NGFS) has today published three reports and a cover note on Transition Plans: 📙 𝐀 𝐜𝐨𝐯𝐞𝐫 𝐧𝐨𝐭𝐞 highlights the key findings of the work and formulates cross-cutting recommendations, based on the three reports. 📕 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐧𝐝 𝐧𝐨𝐧-𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐢𝐫𝐦𝐬, which assesses the interlinkages between the transition of the real economy and financial institutions’ transition plans. 📗 𝐓𝐚𝐢𝐥𝐨𝐫𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐄𝐌𝐃𝐄𝐬, which explores the needs and challenges of emerging market and developing economies (EMDEs) related to transition plans. 📘 𝐂𝐫𝐞𝐝𝐢𝐛𝐥𝐞 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐓𝐡𝐞 𝐦𝐢𝐜𝐫𝐨𝐩𝐫𝐮𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐩𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞, which examines the credibility of financial institutions’ transition plans and processes from a micro-prudential perspective. The key findings from these three reports reinforce the results of the initial stocktake report, published in May 2023, and identify three key actions to support the global adoption of transition plans: ➡️ 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞: development of international guidance for transition planning and corresponding, interacting frameworks for the disclosure of transition plans. ➡️ 𝐇𝐨𝐥𝐢𝐬𝐭𝐢𝐜 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬: holistic transition plans should integrate both transition and physical aspects of climate change while considering the ongoing loss of nature. Existing transition plans are chiefly focused on strategy, but transition planning exercises should also be informed by risk management. ➡️ 𝐄𝐧𝐚𝐛𝐥𝐢𝐧𝐠 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐚𝐝𝐨𝐩𝐭𝐢𝐧𝐠 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬: this includes clarity about policy directions, such as national climate frameworks, and economy-wide incentives for developing and disclosing transition plans to broaden adoption and close information gaps. Through the publication of these reports, the NGFS intends to contribute to the ongoing efforts of the global community to spur the development and implementation of transition plans in the non-financial and in the financial sector to accelerate the transition toward net zero. 👉 Check the publication: https://lnkd.in/eaH_h3-g 👉 Check the press release: https://lnkd.in/ej4s4uZe #NGFS #TransitionPlan #Supervision #EMDEs #Credibility Tolga Yalkin | Tim Rawlings | Vivian Yu | Nina Wong | Amy-Jane B. | Saori Takahashi | Martijn Regelink | François Lesage | Rachèle Sannier | Jean Boissinot | Thomas Beretti | Jasper Chan | Laj Gajwani
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The “Transition Plan Package”of the Network for Greening the Financial System (NGFS) is out! 🌱 Including three reports, this important work addresses the key issue of “Transition Plans”, which aim to articulate an entity’s strategic response to risks and opportunities that emerge due to a system-wide adaptation to the impacts of climate change and the transition to a low emission economy. It bears relevance for enabling the financial system to mobilize capital, managing climate-related financial risks, and for prudential supervision.💡 I have been happy to contribute to the second report on behalf of the European Banking Authority (EBA): “Connecting Transition Plans: Financial and non-financial firms”. 🇪🇺 This 2nd report delves into how financial institutions can use real economy transition plans to inform their own climate-related risk management, and facilitate transition finance. Among its recommendations, the report stresses that i) Financial sector regulators specifically need to consider both prudential considerations and the impact of their actions on the broader economy; ii) Financial institutions could benefit from engagement on specific elements of non-financial firms’ transition plans, depending also on the objective of the financial institution (e.g. risk management, monitoring progress on its own decarbonization commitments). More in the post below! Including the press release and cover note 👇
The Network for Greening the Financial System (NGFS) has today published three reports and a cover note on Transition Plans: 📙 𝐀 𝐜𝐨𝐯𝐞𝐫 𝐧𝐨𝐭𝐞 highlights the key findings of the work and formulates cross-cutting recommendations, based on the three reports. 📕 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐧𝐝 𝐧𝐨𝐧-𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐢𝐫𝐦𝐬, which assesses the interlinkages between the transition of the real economy and financial institutions’ transition plans. 📗 𝐓𝐚𝐢𝐥𝐨𝐫𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐄𝐌𝐃𝐄𝐬, which explores the needs and challenges of emerging market and developing economies (EMDEs) related to transition plans. 📘 𝐂𝐫𝐞𝐝𝐢𝐛𝐥𝐞 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐓𝐡𝐞 𝐦𝐢𝐜𝐫𝐨𝐩𝐫𝐮𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐩𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞, which examines the credibility of financial institutions’ transition plans and processes from a micro-prudential perspective. The key findings from these three reports reinforce the results of the initial stocktake report, published in May 2023, and identify three key actions to support the global adoption of transition plans: ➡️ 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞: development of international guidance for transition planning and corresponding, interacting frameworks for the disclosure of transition plans. ➡️ 𝐇𝐨𝐥𝐢𝐬𝐭𝐢𝐜 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬: holistic transition plans should integrate both transition and physical aspects of climate change while considering the ongoing loss of nature. Existing transition plans are chiefly focused on strategy, but transition planning exercises should also be informed by risk management. ➡️ 𝐄𝐧𝐚𝐛𝐥𝐢𝐧𝐠 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐚𝐝𝐨𝐩𝐭𝐢𝐧𝐠 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬: this includes clarity about policy directions, such as national climate frameworks, and economy-wide incentives for developing and disclosing transition plans to broaden adoption and close information gaps. Through the publication of these reports, the NGFS intends to contribute to the ongoing efforts of the global community to spur the development and implementation of transition plans in the non-financial and in the financial sector to accelerate the transition toward net zero. 👉 Check the publication: https://lnkd.in/eaH_h3-g 👉 Check the press release: https://lnkd.in/ej4s4uZe #NGFS #TransitionPlan #Supervision #EMDEs #Credibility Tolga Yalkin | Tim Rawlings | Vivian Yu | Nina Wong | Amy-Jane B. | Saori Takahashi | Martijn Regelink | François Lesage | Rachèle Sannier | Jean Boissinot | Thomas Beretti | Jasper Chan | Laj Gajwani
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Communications Advisor (Internal and External) at Office of the Superintendent of Financial Institutions Canada
#TransitionPlans have become a widely discussed subject. The Network for Greening the Financial System (NGFS) released not 1 but 3 reports on the topic! These reports aim to help everyone understand this important topic and encourage action among central banks and financial supervisors. Follow the link in the post below to access the reports and foreword by Sabine Mauderer and Assistant Superintendent Tolga Yalkin.
The Network for Greening the Financial System (NGFS) has today published three reports and a cover note on Transition Plans: 📙 𝐀 𝐜𝐨𝐯𝐞𝐫 𝐧𝐨𝐭𝐞 highlights the key findings of the work and formulates cross-cutting recommendations, based on the three reports. 📕 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐧𝐝 𝐧𝐨𝐧-𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐢𝐫𝐦𝐬, which assesses the interlinkages between the transition of the real economy and financial institutions’ transition plans. 📗 𝐓𝐚𝐢𝐥𝐨𝐫𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐄𝐌𝐃𝐄𝐬, which explores the needs and challenges of emerging market and developing economies (EMDEs) related to transition plans. 📘 𝐂𝐫𝐞𝐝𝐢𝐛𝐥𝐞 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐓𝐡𝐞 𝐦𝐢𝐜𝐫𝐨𝐩𝐫𝐮𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐩𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞, which examines the credibility of financial institutions’ transition plans and processes from a micro-prudential perspective. The key findings from these three reports reinforce the results of the initial stocktake report, published in May 2023, and identify three key actions to support the global adoption of transition plans: ➡️ 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞: development of international guidance for transition planning and corresponding, interacting frameworks for the disclosure of transition plans. ➡️ 𝐇𝐨𝐥𝐢𝐬𝐭𝐢𝐜 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬: holistic transition plans should integrate both transition and physical aspects of climate change while considering the ongoing loss of nature. Existing transition plans are chiefly focused on strategy, but transition planning exercises should also be informed by risk management. ➡️ 𝐄𝐧𝐚𝐛𝐥𝐢𝐧𝐠 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐚𝐝𝐨𝐩𝐭𝐢𝐧𝐠 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬: this includes clarity about policy directions, such as national climate frameworks, and economy-wide incentives for developing and disclosing transition plans to broaden adoption and close information gaps. Through the publication of these reports, the NGFS intends to contribute to the ongoing efforts of the global community to spur the development and implementation of transition plans in the non-financial and in the financial sector to accelerate the transition toward net zero. 👉 Check the publication: https://lnkd.in/eaH_h3-g 👉 Check the press release: https://lnkd.in/ej4s4uZe #NGFS #TransitionPlan #Supervision #EMDEs #Credibility Tolga Yalkin | Tim Rawlings | Vivian Yu | Nina Wong | Amy-Jane B. | Saori Takahashi | Martijn Regelink | François Lesage | Rachèle Sannier | Jean Boissinot | Thomas Beretti | Jasper Chan | Laj Gajwani
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#APRA guidance on how to plan a financial institution’s transit to the “green space” of well-managed climate-related risks everyone is aiming for. For AU organisations, following international guidance is key.
The Network for Greening the Financial System (NGFS) has today published three reports and a cover note on Transition Plans: 📙 𝐀 𝐜𝐨𝐯𝐞𝐫 𝐧𝐨𝐭𝐞 highlights the key findings of the work and formulates cross-cutting recommendations, based on the three reports. 📕 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐧𝐝 𝐧𝐨𝐧-𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐢𝐫𝐦𝐬, which assesses the interlinkages between the transition of the real economy and financial institutions’ transition plans. 📗 𝐓𝐚𝐢𝐥𝐨𝐫𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐄𝐌𝐃𝐄𝐬, which explores the needs and challenges of emerging market and developing economies (EMDEs) related to transition plans. 📘 𝐂𝐫𝐞𝐝𝐢𝐛𝐥𝐞 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐏𝐥𝐚𝐧𝐬: 𝐓𝐡𝐞 𝐦𝐢𝐜𝐫𝐨𝐩𝐫𝐮𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐩𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞, which examines the credibility of financial institutions’ transition plans and processes from a micro-prudential perspective. The key findings from these three reports reinforce the results of the initial stocktake report, published in May 2023, and identify three key actions to support the global adoption of transition plans: ➡️ 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞: development of international guidance for transition planning and corresponding, interacting frameworks for the disclosure of transition plans. ➡️ 𝐇𝐨𝐥𝐢𝐬𝐭𝐢𝐜 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬: holistic transition plans should integrate both transition and physical aspects of climate change while considering the ongoing loss of nature. Existing transition plans are chiefly focused on strategy, but transition planning exercises should also be informed by risk management. ➡️ 𝐄𝐧𝐚𝐛𝐥𝐢𝐧𝐠 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐚𝐝𝐨𝐩𝐭𝐢𝐧𝐠 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐥𝐚𝐧𝐬: this includes clarity about policy directions, such as national climate frameworks, and economy-wide incentives for developing and disclosing transition plans to broaden adoption and close information gaps. Through the publication of these reports, the NGFS intends to contribute to the ongoing efforts of the global community to spur the development and implementation of transition plans in the non-financial and in the financial sector to accelerate the transition toward net zero. 👉 Check the publication: https://lnkd.in/eaH_h3-g 👉 Check the press release: https://lnkd.in/ej4s4uZe #NGFS #TransitionPlan #Supervision #EMDEs #Credibility Tolga Yalkin | Tim Rawlings | Vivian Yu | Nina Wong | Amy-Jane B. | Saori Takahashi | Martijn Regelink | François Lesage | Rachèle Sannier | Jean Boissinot | Thomas Beretti | Jasper Chan | Laj Gajwani
Well done