INTRODUCTION PROCESS PHASE 1 PHASE 2 PHASE 3 PHASE 4 PHASE 5 CONCLUSIONCONCLUSION Conclusion While recognizing the complexities of contributing to an energy The process outlined in this guidance aims to lead to the development transition that is just, fair, and equitable, and the challenges associated of a just transition plan building on external stakeholder engagement with just transition planning, this guidance recommends a process and social dialogue, internal knowledge-gathering and discussions, a for companies in the energy and utilities sectors to develop a robust better understanding of how and what the company is already doing, just transition plan. This process is broken down into 昀椀ve phases for and a plan for company ambition, priorities, action, integration across companies to follow, each providing high-level recommended actions the company, and governance. The process and resulting plan are as well as supporting tools and resources. The 昀椀ve phases are: designed to inform implementation of just transition efforts, including a » Deepen understanding of the just transition landscape, including timeline for objectives to be met. conducting social dialogue and engaging stakeholders broadly to The process is underscored by the importance of meaningful and identify and understand the most affected stakeholders and the continuous stakeholder engagement and social dialogue to inform relevant just transition issues for the company to address. the just transition plan, evaluate the effectiveness of the plan, and » Examine company just transition context, including mapping the continuously re昀椀ne the plan as new insights are gained. company’s current and future just transition impacts and which This guidance aims to help companies establish a solid foundation departments/functions they are associated with, as well as existing for understanding what a just transition plan entails—for the planning commitments, efforts, or actions that relate to a just transition. » Assess company just transition maturity and identify gaps, including process as well as for implementation of the plan. The plan is the understanding how mature the company awareness, practices, and essential 昀椀rst step in companies’ just transition efforts, but once it is integration of just transition is across the range of indicator topics and developed, a signi昀椀cant investment of effort and resources are needed identifying associated gaps that require action to address. to implement the plan. » Establish company governance of just transition, including It is critical that companies recognize the importance of their role determining an internal governance structure with board awareness, and ful昀椀ll their responsibilities in advancing a transition to a net-zero senior leadership responsibility and oversight, and clear roles and economy that is just, inclusive, and equitable for all. responsibilities assigned to individuals from relevant departments across the company with suf昀椀cient expertise and capacity to take on the work. » Develop a just transition plan, building on the previous phases to develop an overarching vision and level of ambition, objectives, and priorities, corporate and local-level action plans, as well as KPIs that are measurable, time-bound, and contribute to developing a timeline for action. BSR JUST TRANSITION PLANNING GUIDANCE 56