The recently launched Taskforce on Nature-related Financial Disclosures (TNFD) released today the list of 30 senior executives that have been selected as members of the initiative, as well as more than 100 institutions that have signed up to join the TNFD Forum, supporting the initiative with global, cross-sector expertise.
The TNFD was launched in June 2021, aiming to deliver a framework for organisations to report and act on evolving nature-related risks, and building on the success of the Task Force on Climate-related Financial Disclosures (TCFD). The TNFD is currently working towards its goal of launching its framework in 2023, with a beta framework expected in early 2022.
The 30 new Taskforce Members executives were chosen from across a broad range of sectors and disciplines, encompassing Financial Services, including members from Bank of America, BlackRock, HSBC, and UBS, among others; Corporates, including Ab InBev, Nestlé and Anglo American, and; Market Service Providers, including the “Big 4” accounting and professional services firms, as well as Moody’s, S&P Global, and Singapore Exchange.
Richard Mattison, President of S&P Global Sustainable1, said:
“I am delighted that S&P Global is joining the TNFD Forum and I am proud to accept the invitation to be a Member of the Taskforce that is driving forward the incredibly important work of the TNFD. Against the backdrop of net zero commitments from investors and companies, it is essential that net zero for climate should be net positive for nature.”
According to the TNFD, members were selected for their sector and geographical coverage and their individual subject-matter expertise, with sector representation including those with the largest impact and dependencies on nature, such as agribusiness, the blue economy, food & beverage, mining, construction, infrastructure.
The TNFD members will form five working groups to begin work on building the framework, focusing on defining nature-related risks, data availability, the landscape of standards and metrics, the development of the beat framework, and pilot testing and integration.
TNFD Co-Chairs, Elizabeth Mrema and David Craig, said:
“The business and financial world’s race towards net zero emissions will only succeed if they race equally fast towards nature-positivity. While the importance and urgency of our work is clear, so is the complexity of the challenge ahead for the TNFD. The TNFD initiative is by the market for the market. Therefore, development of a practical framework for nature-related risks will only be achievable by bringing together market practitioners and experts in biodiversity, data, metrics and standards, risk management and disclosure frameworks into a unique collaborative endeavour. We are looking forward to immediately starting the work with our Taskforce Members.”