Leading science and industry bodies partner with Taskforce on Nature-related Financial Disclosures
- February 2, 2022
- Posted by: Elaine Coles
- Category: Companies, Global, Investment and Finance, Water Issues
The Taskforce on Nature-related Financial Disclosures (TNFD) has announced it is working with a multi-disciplinary group of leading international organisations that will support its task of developing an integrated risk management and disclosure framework for nature-related risks.
Building on the expertise and existing definitions, data, analytical tools, and disclosure standards the partners have developed, the TNFD framework will provide companies and investors with decision-useful information to help shift the flow of global capital to nature-positive outcomes.
The knowledge partners will contribute expertise across scientific disciplines, market practice and the development of nature-risk scenarios to advise the Taskforce, comprising of 34 senior executives from across finance, business and market service providers.
The TNFD said the participation and collective experience of this group reflects the Taskforce’s commitment to build on existing expertise and initiatives, and to incorporate the best available scientific knowledge and established market practice relating to risk management and disclosure.
The initial group of knowledge partners are:
- Agence Française de Développement (AFD)
- Cambridge Institute for Sustainability Leadership (CISL)
- Global Reporting Initiative (GRI)
- International Union for Conservation of Nature (IUCN)
- Network for Greening the Financial System (NGFS)
- SASB Standards Research Team
- Science Based Targets Network (SBTN)
- The Capitals Coalition
- UNEP World Conservation Monitoring Centre (UNEP-WCMC)
- The World Business Council for Sustainable Development (WBCSD)
The TNFD is also drawing on the scientific work of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES).
TNFD’s Technical Director, Emily McKenzie, said:
“Being market-led, science-based and incorporating existing research and market practice are three of our core principles. I am delighted that TNFD will benefit from the extensive expertise of such a strong, experienced and multi-disciplinary group of organisations.”
“These knowledge partners are already supporting the five Working Groups under way with our efforts to build an initial beta version of the TNFD framework. We look forward to releasing this beta version of the framework in March and working with further partners later this year as we move into the pilot testing and consultation phase.”
Dr Bruno Oberle, Director General of IUCN commented:
“Putting nature at risk is not an option for business or investors any longer. The world urgently needs a framework that enables ‘nature-positive’ financial flows and safeguards the planet for future generations. That is why IUCN is proud to be a core knowledge partner to the TNFD.”
With consultation and piloting testing of the draft risk management and disclosure framework due to begin in April, the TNFD will be expanding its global network of consultation and implementation partnerships throughout 2022, including channels for engagement with national conservation and business organisations, as well as local community groups in high nature-risk areas globally.
Listing image: Fabio Fistarol, Unsplash