F4B congratulates TNFD on its first convening & launch of Development Finance Hub
Friday 8 October, London – Finance for Biodiversity (F4B) today congratulates the Taskforce on Nature-related Financial Disclosures’ (TNFD) on its first convening earlier this week, and the launch of a Development Finance Hub.
TNFD’s first plenary meeting on Wednesday 6 October - with TNFD Co-Chairs, Elizabeth Mrema and David Craig, and 33 Taskforce Members - kicked off a workplan to develop and deliver a risk management and financial disclosure framework to support a shift in global financial flows away from nature-negative outcomes and towards nature positive outcomes. A draft beta version of the framework will be circulated in early 2022, to be tested and refined via an open-innovation approach with market participants, with the finalised framework slated for release in late 2023.
In addition to the first plenary meeting and side event in Paris, the French Development Agency (AFD) also announced that it will convene and lead the TNFD Development Finance Hub. The Hub is designed to take strides towards an agreed way in which Public Development Banks (PDBs) can transparently assess and disclose their biodiversity impact.
Yesterday (Thursday 7 October) F4B published two reports focused on this area: one report which estimates the dependency on nature, and potential harm to nature, of PDB investments; and a second companion report which shows how G7/G20 governments can use their significant influence as shareholders of development banks to demand that PDBs integrate nature into their strategies.
Since its launch in June 2021, TNFD has announced the 100+ institutions who have joined the TNFD Forum, a consultative grouping of institutional supporters; and its Executive Director, Secretariat & administration bodies. Simon Zadek, Chair of F4B, who co-chaired the TNFD’s Informal Technical Expert Group (ITEG) during its preparatory phase of work, now co-leads the Technical Transition Team. The Children's Investment Fund Foundation (CIFF) also continues to support the TNFD via its strategic partner, F4B.
Simon Zadek, Chair, F4B, said: “This week’s first plenary meeting marked an important milestone in TNFD’s journey as it works towards making a major contribution to aligning financial flows and the global economy with nature positive outcomes. The real work now begins, and we look forward to supporting the Taskforce Co-Chairs, Members and Working Groups to design a framework that will help to catalyse real change in how organisations report and act on evolving nature-related risks.”
Kate Hampton, Chief Executive Officer, Children's Investment Fund Foundation (CIFF) said: “Ending the financing of the destruction of nature requires clear risk management and disclosure frameworks, akin to those for climate. CIFF is proud to support the TNFD in developing these, and we welcome the Taskforce shifting into rapid execution of this work that is so badly needed.”