“Ongoing collaboration with our standards development partners and with regulators will be critical to help codify the taskforce’s recommendations so that nature-related reporting becomes standard business practice over time,” said Elizabeth Mrema, TNFD co-chair and deputy executive director of UNEP, one of the taskforce’s founding organisations. The ISSB has already committed to integrating TNFD work into its Sustainability Disclosure Standards, set to take effect from Jan. The TNFD discussions, though complex, have been successful in leapfrogging this controversy, with guidance clear that a company’s direct, upstream, downstream, and financed impacts and dependencies on nature should be reported.Īs per the TCFD, the TNFD is not in and of itself a standard, but aims for cross-collaboration with standards, including under the ISSB and Global Reporting Initiative (GRI), both knowledge partners to the TNFD.
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Implementation of the climate disclosure guidance has been fraught with controversy, however, with businesses lobbying to maintain the practice as strictly voluntary, meaning they would be free to pick and choose what information to report and when.ĭisclosure of Scope 3 emissions, those associated with value chains, has been particularly controversial, with businesses citing the requirements as burdensome, costly, and requiring data that may be incomplete or unavailable. That climate process has seen companies and financial organisations ramp up their transparency on key metrics such as Scope 1-3 greenhouse gas emissions and transition planning and has been incorporated under national reporting rules as well as under a forthcoming ISSB standard. The TNFD has in many ways fast-tracked its work since 2021 by building off lessons learned in the climate space under the Taskforce for Climate-related Financial Disclosure (TCFD), established in 2015 by international body the Financial Stability Board. If widely adopted by global businesses through standard setters, nature-related financial disclosure could support a shift in the world’s financial flows away from actions detrimental to ecosystems and toward nature-positive outcomes. Tuesday’s v0.4 release allows stakeholders to test and provide feedback based on their specific sector and biome, and provides specific reporting metrics aligned to global standards, including the International Sustainability Standards Board (ISSB). The Global Biodiversity Framework (GBF) that was agreed at the UN’s COP15 biodiversity negotiations in Montreal last December included reporting under its Target 15, which encourages governments to mandate large companies and financial institutions to regularly monitor, assess, and transparently disclose their risks, dependencies, and impacts on nature.īut the exact metrics and process for this type of reporting is complex and the concept is new to most organisations, leaving most businesses eager to make advances in the area awaiting guidance from TNFD.
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“This fourth and final draft of the TNFD framework will provide market participants, for the first time, with a full representation of the core aspects of the proposed TNFD framework, including examples of additional guidance by sector and biome and a recommended set of disclosure metrics,” said David Craig, co-chair of the taskforce.
The cross-stakeholder taskforce aims to steer businesses and financial organisations in calculating and reporting their dependencies and impacts on nature, noting that related risks and opportunities should factor into transparency documents and decision-making as the world increasingly recognises the biodiversity crisis caused in large part by global business models. The Taskforce on Nature-related Financial Disclosures (TNFD) on Tuesday released its long-awaited last draft framework for managing and reporting risks and opportunities related to nature, ahead of the final rules slated for publication in September.
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