The Task Force on Nature-related Financial Disclosures (TNFD) was launched in 2021, to develop a risk management and disclosure framework, assisting companies to seize and report on evolving nature-related risks and opportunities.
The objective of TNFD is to increase ambition around shifting global financial flows towards nature-positive outcomes (enhancing the resilience of our planet and societies to halt and reverse nature loss) aimed at achieving the #netzero goals.
The TNFD is still very much in the early stages of execution as its official launch is scheduled for September 2023.
Currently it is developing the following areas:
Recognising the complexity of the financial regulatory landscape, the TNFD is replicating the format and structure of its predecessor and supplementary framework, the Task Force for Climate-related Financial Disclosures (TCFD). And it is already aligned with the International Sustainability Standards Board (ISSB) and endorsed by the G7 Finance Ministers and the G20 Sustainable Finance Roadmap.
Following the growing pressure to consolidate the current ESG reporting frameworks for the financial services industry, it is hoped that TNFD will provide a more comprehensive framework encompassing all nature-related risks beyond just climate risks.
If you would like to discuss how TNFD could impact your business, then please contact Daphne Biliouri-Grant.