The recently launched Taskforce on Nature-related Financial Disclosures (TNFD) announced a series of organizations that are participating as knowledge partners supporting its initiative to develop an integrated risk management and disclosure framework for nature-related risks.
The multi-disciplinary knowledge partner group encompasses a broad range of leading international sustainability-focused standard-setting, corporate reporting, and sustainable finance organizations, including: Agence Française de Développement (AFD), CDP, Cambridge Institute for Sustainability Leadership (CISL), Global Reporting Initiative (GRI), International Union for Conservation of Nature (IUCN), Network for Greening the Financial System (NGFS), the SASB Standards Research Team, the Science Based Targets Network (SBTN), The Capitals Coalition, UNEP World Conservation Monitoring Centre (UNEP-WCMC), UNSD, The World Business Council for Sustainable Development (WBCSD), and WWF.
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 early this year.
According to the TNFD, the framework will build on the expertise and existing definitions, data, analytical tools, and disclosure standards developed by the new partners.
Thomas Maddox, Global Director of Forests and Land at CDP, said:
“Having been at the forefront of environmental disclosure for more than 20 years, CDP holds the world’s largest database on corporate environmental action. We are pleased to use this wealth of knowledge and data, collected from our climate change, forests and water security questionnaires, to inform the TNFD process and further accelerate disclosure and action on nature.”
Today’s announcement follows the selection by TNFD of a group of financial services, corporate and professional services senior executives as Taskforce members, and the formation of five working groups to build the framework, focused on defining nature-related risks, data availability, the landscape of standards and metrics, the development of the beta framework, and pilot testing and integration.
According to the TNFD, the new knowledge partners are already supporting the working groups on efforts to build the beta version of the TNFD framework, due to be released in March.
TNFD’s Technical Director, Emily McKenzie, said:
“Being market-led, science-based and incorporating existing research and market practice are three of our core principles. I am delighted that TNFD will benefit from the extensive expertise of such a strong, experienced and multi-disciplinary group of organisations.”