15 achieve any climate-related targets that it has set. Like the TCFD, the IFRS only covers climate-related financial risks, one part only of the EU double materiality approach 2.9. The US Securities and Exchange Commission (SEC) The last proposal on climate-related information from the US Securities and Exchange Commission (SEC) 34 recognised that the adoption of a transition plan to mitigate or adapt to climate-related risks might be an important part of a registrant’s climate-related risk management strategy , particularly if it operates in a jurisdiction that has made commitments under the Paris Agreement to reduce its GHG emissions (i.e 193 countries out of 197 globally). Many commenters recommended that the SEC require disclosure regarding a registrant’s transition plan, stating that such disclosure would help investors evaluate whether a registrant has an effective strategy to achieve its short-, medium-, or long-term climate-related targets or goals 35 . 2.10. The UK Transition Plan Taskforce (TPT) The UK Transition Plan Taskforce (TPT) was launched by HM Treasury “to develop a gold standard for climate transition plans” 36 . The TPT has a two-year mandate, and the Financial Conduct Authority (FCA) will be actively involved and draw on its findings to strengthen disclosure rules. It is bringing together leaders from industry, academia and regulators, and will coordinate with international efforts. The Secretariat is being provided by the UK Centre for Greening Finance and Investment (CGFI) and by E3G. WWF UK is a member of the TPT. 34 https://www.sec.gov/rules/proposed/2022/33-11042.pdf 35 See, e.g., letters from As You Sow; BlackRock; Clean Yield Asset Management; Climate Advisers; Climate Governance Initiative; Fiends of the Earth et al; Institute for Governance and Sustainable Development; Miller/Howard Investments; Trillium Asset Management; and World Benchmarking Alliance 36 https://transitiontaskforce.net/. Copyright Credit © Jeffrey Blum