The first cohort of TNFD adopters will be publishing TNFD-aligned disclosures as part of their annual corporate reporting for the fiscal years 2023, 2024, or 2025.
TNFD highlighted the 320 organisations include leading publicly listed companies across geographies and industry sectors representing $4tn in market capitalisation with headquarters in over 46 countries.
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The government-led initiative explained that TNFD has developed a “set of disclosure recommendations and guidance for organisations to report and act on evolving nature-related dependencies, impacts, risks and opportunities.”
TNFD believes that its recommendations and guidance will enable businesses and financial institutions to integrate nature into their decision-making processes.
It added that this will ultimately support a shift in global financial flows to encourage and enable business and finance to assess, report and act on their nature-related dependencies, impacts, risks and opportunities with the aim of supporting a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes, aligned with the Global Biodiversity Framework.
See Also:
Background on the TNFD recommendations
- The TNFD was launched in June 2021 with the support of G20 and G7 governments.
- The TNFD corporate reporting recommendations on nature-related issues were published in September 2023 after a two-year design and development process led by the TNFD’s 40 taskforce members and supported by 20 knowledge partners with global market input and participation.
- The 14 recommended disclosures follow the approach and structure developed by the Taskforce on Climate-related Financial Disclosures (TCFD) launched by Michael Bloomberg and Mark Carney in December 2015.
- The TNFD recommendations have been designed to enable the achievement of the global policy goals outlined in the Kunming-Montreal Global Biodiversity Framework agreed to by 196 countries at the Convention on Biological Diversity (CBD) COP15 held in Montreal in December 2022.
- It has also been designed to be consistent with the new S1 and S2 standards on sustainability reporting published in mid-2023 by the International Sustainability Standards Board (ISSB) as well as existing nature and biodiversity impact reporting standards provided to market participants by the GRI.
- Over 250 institutions worldwide pilot tested the TNFD’s proposed approach during its design and development phase.
Elizabeth Maruma Mrema, TNFD co-chair and deputy executive director of the UN Environment Programme (UNEP) said: “12 months ago the world came together to agree to the Global Biodiversity Framework to halt and reverse nature loss, including a specific target on corporate reporting. The release of the TNFD recommendations in September last year provided the tools to do that and today we have seen the market commit to start taking action.”
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