NATURE RELATED FINANCIAL DISCLOSURES
F4B is supporting the development of a Taskforce on Nature Related Disclosures (TNFD) by chairing the informal Technical Expert Group that is providing expert input into the process of developing the TNFD.
The TNFD is being catalysed through a partnership between Global Canopy, the United Nations Development Programme (UNDP), the United Nations Environment Programme Finance Initiative (UNEP FI), and the World Wide Fund for Nature (WWF).
The idea for a TNFD began in January 2019 at the World Economic Forum’s Davos meeting and has gathered momentum since then through the efforts of the Partners.
The overall TNFD goal is to provide a framework for corporates and financial institutions to assess, manage and report on their dependencies and impacts on nature, enabling them to take nature-related risk, dependencies and impacts into account.
The taskforce will complement the Task Force on Climate-related Financial Disclosures, whose recommendations have now been made mandatory by the UK government. The Informal Working Group – consisting of the UK and Swiss governments and financial institutions such as AXA, BNP Paribas and DBS Bank – formed in September 2020 to set the basis for the Taskforce. Final recommendations from the TNFD are likely to be launched in 2023.
If successful, it will steer finance towards outcomes that are nature-positive, in alignment with the UNFCCC Paris Agreement, the CBD Post-2020 Global Biodiversity Targets and the UN Sustainable Development Goals.