Definition 1
Transition Plan means a time-bound action plan to deliver the [Net Zero Target OR emissions-reduction target], that [is integrated into [the organisation’s] corporate strategy and business plan,] [is updated in line with developments in science and technology] [and which] includes all of the following:
(a) quantifiable interim GHG emissions-reduction targets (short- and long-term) that align with the goals of the Paris Agreement using Carbon Footprint Standards;
(b) short-, medium- and long-term actions to achieve the emissions-reduction targets and a plan for how they will be financed;
(c) a strategy specifying the verified credits from a recognised [Offset Provider] that may be used by a Party to offset its Residual Emissions;
(d) governance and accountability mechanisms to support the plan, including annual monitoring and reporting and linking executive remuneration to achieving the interim targets;
(e) an assessment of and measures to address risks to, and leverage opportunities for, stakeholders (such as workforce, supply chains, communities and customers) and the environment; and
(f) promoting a Just Transition to a low-carbon economy, including by engaging with stakeholders during the preparation of the plan.
Drafting notes and guidance
None.