Definition 1
Transition Plan means a plan to deliver the [Net Zero Target/ emissions reduction target], that includes:
(a) interim GHG emissions reduction targets that align with the goals of the Paris Agreement;
(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 reporting and linking executive remuneration to achieving the interim targets;
(e) 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.
Drafting notes and guidance
This definition is in line with the recommendations of the UK Transition Plan Taskforce.