Final TNFD Recommendations on nature related issues published.
To read the full ORRAA Policy Brief on the TNFD final recommendations please click here.
New York / London, 18th September 2023 – After two years of design and development through an
open innovation process, the Taskforce on Nature-related Financial Disclosures (‘TNFD’) has today
published its final Recommendations for nature-related risk management and disclosure. An
accompanying suite of additional guidance has also been released to help market participants get
started with integrated assessment and corporate reporting related to nature. The Recommendations
aim to inform better decision making by companies and capital providers, and ultimately contribute to a
shift in global financial flows toward nature-positive outcomes and the goals of the Kunming-Montreal
Global Biodiversity Framework.
- The TNFD Recommendations are a key milestone in the relationship between nature, business and financial capital, positioning nature risk alongside financial, operational and climate risk and helping to shift capital flows to nature-positive outcomes.
- Present and future cashflows depend on the flow of nature’s inputs to business and accelerating nature loss poses a growing risk to businesses and capital providers.
- The publication of 14 recommended disclosures and a suite of additional implementation guidance marks the culmination of a two-year consultative development process, including pilot testing by over 200 companies and financial institutions.
- The Recommendations are consistent with existing and emerging IFRS and GRI reporting standards and aligned with the requirements of the Kunming-Montreal Global Biodiversity Framework.
- Companies including GSK have started to announce their intention to adopt the Recommendations, and the TNFD is anticipating more companies to follow from as early as this week, with other companies invited to join the inaugural cohort of TNFD Adopters, which will be announced at the World Economic Forum at Davos.
The TNFD press release can be viewed here.
The full TNFD report can be read here.