Home2025: The year in review 2025 has been marked by continued global momentum in nature-related assessment and reporting for companies and financial institutions… 2025 has been marked by continued global momentum in nature-related assessment and reporting for companies and financial institutions, and we thank you for your engagement. At the launch of the TNFD recommendations in September 2023, we called on companies and financial institutions to get started with the imperative of understanding nature’s potential to positively or negatively shape the future financial prospects of their business. We envisaged these ‘bees’ joining the bulls and the bears in the market – using nature intelligence to reduce their impact on the planet, build the resilience of their business and find new nature-related commercial opportunities. In the past two years, global market uptake of the TNFD recommendations and the use of our assessment tools has risen considerably, as highlighted by the inaugural TNFD Status Report. As of early November 2025, 733 organisations from over 50 countries or areas, including financial institutions managing over USD 22 trillion in assets under management, have publicly committed to getting started with nature-related reporting aligned to the TNFD recommendations. Using AI, we have also identified over 500 first- and second-generation TNFD reports already published. Looking ahead, we see business momentum on nature-related issues continuing to grow, in light of the recent decision by the International Sustainability Standards Board (ISSB) to move into a standard-setting process on nature-related risks and opportunities, drawing on the TNFD framework and the ongoing work of regulators and central banks, including through the Network for Greening the Financial System (NGFS). We wish you seasonal greetings and a happy and prosperous 2026. 2025 key moments ISSB to draw on TNFD The announcement by the International Sustainability Standards Board (ISSB) that it will move into a standard-setting process on nature-related risks and opportunities, drawing on the disclosure recommendations, metrics and guidance of the TNFD, including relevant aspects of the LEAP approach, marked a significant milestone. TNFD Status Report 2025 marked the release of the first TNFD Status Report, which highlighted uptake of the TNFD recommendations among financial institutions and corporates and detailed advancements in market practices related to nature-related risk and opportunity management and disclosure. Evidence review on the financial effects of nature-related risks This report, jointly authored by TNFD, the University of Oxford (as part of the Resilient Planet Finance Lab) and Global Canopy, synthesises the current evidence on the financial materiality of nature-related risks for corporates and financial institutions. Guidance on nature in transition planning Building on market best practices for climate transition plans, this guidance breaks down the process of aligning with the goals and targets of the Kunming-Montreal Global Biodiversity Framework (GBF) into a coherent set of forward-looking strategies, actions and accountability mechanisms, built into the organisation’s main business strategy. Recommendations for upgrading the nature data value chain for market participants Developed in close collaboration with a wide range of technical experts and market participants across the nature data value chain, these eight recommendations represent the culmination of four years of research and pilot testing about how best to respond to the nature data challenges identified by companies and financial institutions around the world. Other key reports and tools released in 2025 Throughout 2025, we have continued to advance technical and practical guidance and support for financial institutions and corporates in integrating nature-related considerations into decision-making and disclosures. Some of our key publications from this year include: Discussion paper on nature-related opportunities This discussion paper provides a common language to describe the elements and outcomes of nature-related opportunities through examples and case studies focused on practical challenges and solutions across sectors and maturity levels. Sector guidance – water utilities, marine transportation and cruise lines and fishing The TNFD’s sector guidance provides sector-specific considerations when following the TNFD’s LEAP approach for assessment of nature-related issues and recommended sector-specific disclosure metrics for companies reporting in line with the TNFD’s recommendations. A discussion paper dedicated to methods for identifying, assessing and disclosing dependencies and impacts on nature within financial portfolios This discussion paper explores practical challenges financial institutions face in identifying, assessing and disclosing nature-related dependencies and impacts at the portfolio level. Asking Better Questions on Nature for board directors This first-in-its-series guide is designed to help board members surface the decision-useful information they need to ensure that nature-related issues are being appropriately incorporated into the company’s governance, strategy, risk management and capital allocation decision making. Asking Better Questions on Nature for asset owner chief investment officers This second-in-its-series guide is for asset owner chief investment officers (CIOs) and their teams, intended to be used as part of the process to select, assess, monitor and engage with prospective and existing asset managers. Nature Intelligence for Business Grand Challenge To drive success and growth, businesses of every size around the globe depend on and interact with nature. To help businesses better understand their interactions with nature, in collaboration with the Government of Germany’s International Climate Initiative (IKI), run by Conservation X Labs and in conjunction with the United Nations Development Programme (UNDP) we have been running the Nature Intelligence for Business Grand Challenge, a global call for solutions to unlock nature-related assessments for small and medium sized enterprises worldwide. With over $100,000 in funding and incentives, the challenge seeks audacious yet practical innovations that empower SMEs to overcome critical resource, knowledge, infrastructure and capacity constraints, enabling them to effectively identify and assess their nature-related issues in line with the LEAP approach. The first phase of the challenge is now complete, with piloting to begin in early 2026. From the Knowledge Hub The Knowledge Hub acts as a central resource for the latest market insights, resources, tools and information to enhance understanding of the TNFD and nature-related issues. Through the Learning Lab, Trainer Portal, TNFD in a box and a growing webinar and case study library, the Knowledge Hub brings all the latest TNFD learning materials and capacity-building tools together in one place. Train the Trainer The ‘Train the Trainer’ programme has equipped a new cohort of sustainability professionals with the expertise to deliver TNFD-aligned training globally. GRI and TNFD training The Global Reporting Initiative (GRI) and TNFD launched a guide for nature-related reporting training designed to help organisations align nature-related disclosures with established sustainability reporting standards. Training on LEAP approach for financial institutions The Biodiversity Consultancy and Sitra have created tailored learning training materials on the LEAP approach for financial institutions. Standards alignment and collaborative work Standards alignment across sustainability frameworks Enhancing interoperability across sustainability frameworks remains a strategic focus. This year we have worked with CDP, ISO, BRSR and GRI to support market participants, including corporates, financial institutions and investors, to enable TNFD-aligned reporting, contributing to the broader harmonisation of the sustainability disclosure landscape. Nature Measurement Protocol initiative Following our recommendations for upgrading the nature data value chain, we are pleased to have joined the Nature Positive Initiative, WBCSD – World Business Council for Sustainable Development, Capitals Coalition, Global Reporting Initiative (GRI), IUCN and the World Resources Institute in announcing plans to develop a Nature Measurement Protocol. SSE model guidance on nature-related financial disclosures This guidance provides a practical starting point for exchanges to support issuers in understanding and disclosing their nature-related issues. Serving as a foundation for exchanges to adapt to their local market context, it is designed to help issuers respond to growing demand from investors and companies for information on nature-related issues. Nature-related risks and financial implications for investors This investor briefing, aimed at asset owners, investment managers and policy makers in all regions, examines how nature-related risks are materialising into financial risk for investors, giving particular attention to short-term risks. In the media Forbes (25 Jul): Boards Can No Longer Ignore Nature Risk. Here’s How To Govern It Reuters (23 Sep): The burden of proof has flipped: why is nature not material to your business? Financial Times (1 Jun): Why nature loss matters to companies — and what they can do Responsible Investor (12 Jun): RI Nature and Investors Survey 2025: Results Environmental Finance (6 Nov): Over 700 organisations adopt TNFD ahead of COP30 Environmental Finance (7 Nov): ISSB should aim for ‘exposure draft’ on nature disclosures by COP17, say chair and vice-chair CSO Futures (10 Nov): ISSB starts standard-setting process for nature disclosures as 700+ companies adopt TNFD framework Edie (25 Sep): What has TNFD achieved in its first two years and what comes next? Responsible Investor (4 Nov): TNFD publishes guidance on nature in transition plans