At Novembers COP29, the International Transition Plan Network (ITPN) was launched to advance global norms for private sector transition plans.
The ITPN is a collaborative platform supported by E3G which aims to foster dialogue and support the emergence of national and international approaches to transition planning by bringing together official sector representatives, private sector representative networks, civil society, and academic experts. In addition, the ITPN will provide a platform for partnerships which develop new work related to private sector transition plans.
Founding Director of ITPN and Associate Director at E3G, Kate Levick, said “The potential for private sector planning to support the global economy’s climate transition is increasingly recognised by governments around the world. For private sector transition plans to fulfil their promise and become established within the global financial system they must provide useful benefits to companies and investors in every country as well as to people, communities, and the environment.”
Creating and disclosing strategic plans for climate transition is a relatively new market practice in the private sector, and one which is rapidly becoming an international norm. Private sector transition planning creates an important opportunity to support a global whole-of-economy climate transition.
Transition plans and planning are under discussion by policymakers, regulators and supervisors around the world. Official sector actors are working to avoid fragmentation of approaches between jurisdictions and across use cases while also evaluating policy approaches which make use of this relatively new tool. The ITPN was launched to support their efforts.
Supporting Global Norms and Collaboration for Transition Planning
The ITPN includes Members, an Advisory Group, and a Community of Practice.
ITPN Members include Official Sector Actors such as ministries, regulatory bodies, and international forums wanting to exchange with one another about transition plan related policies and regulation. Official Sector Members will also be able to interact with Associate Members such as private sector networks, and standard-setting organizations.
The ITPN’s Advisory Group and Community of Practice includes transition planning experts from public, private, and civil society sectors brings a wealth of knowledge and experience to advise ITPN’s direction and connect the network to relevant global initiatives.
Advisory Group members include:
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Chair: Ben Caldecott, Director, Oxford Sustainable Finance Group and Member of the UK Climate Change Committee
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Mary Schapiro, Vice Chair, GFANZ, Head, GFANZ Secretariat, and Vice Chair for Global Public Policy of Bloomberg
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Helena Viñes Fiestas, Commissioner of the Spanish Financial Markets Authority, Chair of the EU Platform on Sustainable Finance and Co-Chair, Taskforce on Net Zero Policy
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Ma Jun, Chair, Capacity-building Alliance of Sustainable Investment (CASI); Founder & President, Institute of Finance and Sustainability (IFS); Chair & President, Hong Kong Green Finance Association
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Masamichi Kono, Former Deputy Secretary General, OECD
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Meryam Omi, Chief Executive Officer, Climate Arc
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Fiona Watson, Vice President, Corporate Performance & Accountability, World Business Council for Sustainable Development (WBCSD)
Chair of the ITPN Advisory Group, Dr Ben Caldecott, said “It will rapidly become a no brainer for companies to possess credible transition plans. This will be driven by providers of capital and financial services, governments and regulators, and changing social norms and legal requirements. ITPN will play a critical role in facilitating the effective and rapid adoption of private sector transition plans, thereby driving decarbonisation and the realisation of climate goals.”
Head of ITPN and Programme Leader at E3G, Jacques Morris, said “Additional space for dialogue will support global cooperation on transition planning. Shared approaches, which take into account diverse perspectives, are key to prevent regulatory fragmentation and create market certainty. E3G is well placed to support the ITPN thanks to technical expertise and a strong international network built through co-hosting the TPT Secretariat.”
Further information
The ITPN is supported by E3G staff who also worked in the Transition Plan Taskforce (TPT) Secretariat. In its final report, the TPT highlighted the necessity for shared global norms on transition plans and planning.
ITPN staff from the TPT Secretariat include Founding Director Kate Levick (former Co-Head of the TPT Secretariat), and Head of the ITPN Jacques Morris (former Team Leader of the TPT Secretariat). The Chair of the ITPN Advisory Group is Dr Ben Caldecott (former Co-Head of the TPT Secretariat).
E3G is an independent non-profit climate change think tank with a global outlook. E3G works on the frontier of the climate landscape, tackling the barriers and advancing the solutions to a safe climate. E3G’s goal is to translate climate politics, economics and policies into action.