Definition 1
Transition Plan means a plan to deliver the [Net Zero Target OR emissions reduction target], that includes all of the following:
(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
(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.