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Only 5% of FTSE 100 Have “Credible” Net Zero Plans, Says Report
April 28, 2023A new report by professional services firm EY has found that only 5% of FTSE 100 companies have disclosed “credible” and sufficiently detailed transition plans to become net zero by 2050.
EY’s analysis finds that while 78% of FTSE 100 firms have published partially developed net zero plans, they have not yet addressed key questions on strategy and execution. Additionally, 17% of FTSE 100 companies are still in the early stages of plan development. The report suggests that companies need to do more work before their published plans fully align with guidance from the UK’s Transition Plan Taskforce (TPT). The TPT was launched by the UK Treasury in April 2022 to develop the “gold standard” for private sector climate transition plans, building on “international disclosure standards.” Even among the 5% of companies that have disclosed detailed plans, many still have gaps across a range of areas such as financial planning or the publication of defined financial metrics and targets.
