At COP26, Rishi Sunak announced new requirements for stock market listed businesses and financial firms to publish net zero plans. However, since this announcement government has made little progress on the regulatory framework and has yet to put this commitment into legislation.

In this paper, we set out how the state and private firms can work together to ensure transition plans are a tool for reducing emissions in the real economy - using the Science-Based Targets initiative (SBTi) as a gold-standard practice.