Promises alone will not deliver the changes needed to decarbonise the economy. If words are not underpinned by meaningful strategies and near-term targets, they risk being seen as little more than greenwashing.
To drive the necessary system-level shifts, the UK government has announced rules for companies to develop net-zero transition plans, and to create a “transition plan taskforce” to guard against greenwash.
But this plan alone is unlikely to secure the action needed.
First, transition plans only apply to UK-listed companies, asset managers and asset owners. This is at odds with the fact that all companies, across all sectors, need to get on with transitioning their businesses and fast.
Crucially, they are not mandatory, but rather exist on a “comply or explain” basis that could