Nature-related disclosures

Building a business case for biodiversity and natural capital

HSBC (February 2023)

A podcast exploring COP15 outcomes, disclosure, and how corporates and financial institutions are driving action for biodiversity preservation, including voices from HSBC, Walmart, and the Taskforce on Nature-related Financial Disclosures.

Valuing Nature: The case for nature-related assessment and disclosure

ERM (December 2022)

A report which addresses the challenges facing companies when it comes to nature and connects the Capitals Coalition’s Natural Capital Protocol with TNFD’s beta v0.3 framework.

New data shows companies recognising biodiversity risks but majority not turning commitments into action

(CDP 2022)

An insight from CDP showing that whilst the largest ever self-assessment survey shows that companies are ready and willing to report on biodiversity, however the majority of respondents are not willing or have not taken practical action.

The Exchanges View – The Why and How of Managing, Assessing, and Disclosing on Nature-related Risks

(WWF 2022)

A panel consisting of representatives from stock exchanges around the world discussing nature-related risks. Live-streamed from COP27.

TNFD Forum Webinar: Introducing the third iteration (v0.3) of the TNFD beta framework

(TNFD 2022)

In this webinar, the TNFD releases the third version of its beta framework. Hear from Taskforce Members Jessica McDougall (BlackRock), Judson Berkey (UBS), and Alexis Gazzo (EY), along with Tony Goldner, TNFD’s Executive Director, and Emily McKenzie, TNFD’s Technical Director on the contents of the new release, which include updates to the draft disclosure recommendations, a discussion paper on scenarios, and a discussion paper on the social dimensions of nature-related risk.

How Elizabeth Mrema is striving to affect a ‘Paris moment’ for nature

Reuters (October 2022)

An in-depth interview with TNFD Co-Chair and CBD Executive Secretary Elizabeth Mrema on the TNFD and her expectations of COP15 in Montreal, which takes place in December 2022.

The “Corporate Biodiversity Reporting Evaluation (2021)” was officially released, with only 8% of the sampled companies mentioning “biodiversity”

Shan Shui Conservation Centre (August 2022)

A report analysing and evaluating the quality of biodiversity-related information in disclosure in China, with suggestions on how to improve and standardise it.

MSCI: 39% of ACWI exposed to biodiversity risk

Environmental Finance (July 2022)

A news piece about MSCI’s new research, which highlights that two in five (39%) constituents of MSCI’s flagship global equity index have at least one asset located in an area sensitive to biodiversity loss.

Financing Nature Podcast: Emily McKenzie, Technical Director, Taskforce on Nature-related Financial Disclosures

Green Finance Institute (July 2022)

TNFD Technical Director Emily McKenzie joins podcast host Helen Avery to discuss the progress of the TNFD to date.

How nature disclosure is evolving through challenges

S&P Global (July 2022)

A podcast episode discussing the TNFD and its development, featuring TNFD Technical Director, Emily McKenzie.

Piloting the TNFD beta framework in the palm oil sector

Global Canopy (July 2022)

A report which looks at the lessons learned and recommendations from the first pilot of the TNFD beta framework in the palm oil sector.

The TNFD’s role in the global shift towards ESG

China Development Brief (July 2022)

This insight outlines the progress of the TNFD to date with an emphasis on China, and locates its work within the wider landscape of ESG and sustainable finance.

We need to bring biodiversity to the Bloomberg terminal

Systemiq Capital (July 2022)

An insight introducing the landscape of needs around biodiversity data and the solutions being developed by a diverse range of stakeholders.

Biodiversity: new approaches to bridge data gaps and address requirements

Moodys ESG (July 2022)

An insight setting out “an overview of biodiversity developments” and then discussing Moody’s approach to disclosure for the EU’s Sustainable Finance Disclosure Regulation Principal Adverse Impact indicator on biodiversity.

2022 Climate and Biodiversity Report

AXA (June 2022)

AXA’s 2022 report on Climate and Nature reporting against the TCFD, with additional sections on nature which take into the account the recommendations of the TNFD’s beta framework.

The Green Team speaks to David Craig

Paulson Institute (June 2022)

A podcast episode featuring a conversation between Deborah Lehr (Executive Director of the Paulson Institute) and David Craig (TNFD Co-Chair). They speak about biodiversity loss, the role of data in addressing the biodiversity and climate crises, and the important of the TNFD’s framework.

Sustainable by Nature Sequel: Our Portfolio Biodiversity Footprint

BNP Paribas (June 2022)

This report goes through the process BNP Paribas Asset Management and their team took to do a biodiversity footprint of their portfolio. The stated objective of the paper is, “to test biodiversity footprinting on the corporate holdings in our global portfolios in order to understand what it looks like, what it can be used for, and to identify the principal improvements that need to be made to the tool.”

Spatial Data – getting down to (Google) Earth

David Craig (June 2022)

An insight from TNFD Co-Chair David Craig and TNFD Member Dan O’Brien on the challenges presented by spatial data and the innovations being developed to solve them. It also introduces the TNFD Data Catalyst.

TNFD Forum Webinar: How can spatial data innovations support disclosure of nature-related risks?

TNFD (May 2022)

Watch TNFD’s May Forum webinar on spatial data innovations within spatial finance, which highlights some of the cutting edge work underway to produce useable and useful data platforms for monitoring natural capital and nature-related risk. The speakers were Dr Mary Ruckelshaus (Stanford Natural Capital Project), Martin Moen (HUB Ocean), Christophe Christiaen (Spatial Finance Initiative), and Dr Florian Gallo (LSEG). The webinar was moderated by TNFD Co-Chair, David Craig.

Location Matters: Using Geospatial Analysis to Assess Biodiversity Risk

MSCI (May 2022)

This insight uses geospatial analysis and data about asset location to assess which organisations in the MSCI ACWI Index had physical assets in biodiversity-sensitive areas, as well as the biodiversity risk management procedures of the organisations.

Valuing Nature Conservation: A methodology to evaluate where safeguarding natural capital could have the biggest impact on climate, economies and health

McKinsey Sustainability (September 2022)

This report used geospatial analysis techniques to identify the areas where nature has a particularly high value, and looks at what the benefits and costs that might result from the conservation of these areas. It then highlights the benefits, which are cultural, economic, climatic, and would improve human health. Finally, it considers what taking action looks like, and proposes questions to the different groups of stakeholders involved in this arena.

Mitigating biodiversity loss demands corporate accountability

GRI (May 2022)

An introduction to, and the reason for, the review and update of GRI 304: Biodiversity 2016, the Global Reporting Initiative’s standard on biodiversity to reflect global best practise for biodiversity reporting. The article also highlights the importance of joined-up reporting, and how GRI is working with other organisations in this space to ensure that their work is all aligned.

Are you ready for nature-related disclosures?

UNEP FI (April 2022)

This report has come out of a corporate sector market readiness assessment on their path to deliver nature-related risk management. It aims to create a clear understanding of what level of understanding and implementations corporates are as regards nature-related risks and their expectations towards the TNFD.  It was based on interviews with 19 companies who are both inside and outside the TNFD Alliance.

Nature-related financial disclosures will guide global ESG development and transformation

China Development Brief (May 2022)

This insight targeted at a Chinese audience gives an overview of TNFD’s progress to date and the wider context in which it sits, highlighting the importance of nature-related financial disclosure to taking action on the destruction of nature. It also covers the opportunities TNFD provides to China, including as a reference for domestic environmental information disclosure and even to expand the scope of those domestic disclosures beyond their current limits.

Taskforce Member Q&A: Rahul Ghosh, Managing Director, ESG Outreach & Research, Moody’s

TNFD (2022)

Taskforce Member Rahul Ghosh, Managing Director, ESG Outreach & Research, Moody’s shares why he joined the Taskforce and what he is now working on in his role as one of the 34 Taskforce Members.

Now For Nature: The Decade of Delivery

CDP (March 2022)

European companies have an enormous environmental footprint extending far beyond Europe’s borders. Emissions created by companies’ value chains are about six times more than their “direct” operational emissions, and their supply chains reach deep into countries with high rates of deforestation and water stress.

How are European companies and financial institutions managing these impacts, and driving progress towards a net-zero, nature-positive economy?

This report finds that while European companies are driving global progress on science-based targets (SBTs), they are often failing to act on their wider environmental impacts.

Business readiness to step up action on nature – trends & insights on corporate reporting

WBCSD (March 2022)

WBCSD undertook a baseline analysis with the aim of providing insights into how a subset of 55 members who are already active with respect to nature are currently performing related to the nature-positive “building blocks”. Real examples also serve to guide other businesses as they identify and take the next steps on their nature-positive journey.

Biodiversity meets the bottom line

GreenBiz (February 2022)

Net-zero commitments exploded last year, with the number of companies making them doubling. Race to Zero, part of the U.N. Framework Convention on Climate Change, estimated that net-zero commitments covered about 68 percent of the global economy in 2021, compared to just 16 percent in 2019, a more than fourfold increase.

While there are still concerns over the nature of some net-zero commitments, to effectively address the climate crisis, carbon reduction targets need to go hand in hand with biodiversity goals, which are far less common in the corporate world. While there is no exact number for biodiversity pledges, it’s likely far, far lower.

Sovereign Climate and Nature Reporting

World Bank (January 2022)

Proposal for a Risks and Opportunities Disclosure Framework

The Paris Agreement states that addressing climate change will require “making finance flows consistent with a pathway towards low greenhouse gas emissions and climate resilient development.” Policy makers, scientists, and investors recognize that the global economy must evolve to a more sustainable model that reduces its impact on the Earth, adapts to the changes already locked in, and contributes to carbon sequestration, as well as restoring and reconnecting degraded and fragmented ecosystems. To be successful, global financial flows must align with these broad objectives. More specifically, trillions of dollars of financing is needed to achieve the climate change mitigation and adaptation goals laid out in Articles 2.1.a and 2.1.b of the Paris Agreement, as well as the emerging targets of the Post-2020 Global Biodiversity Framework (UNEP-CBD). Investors will play an important role in driving this alignment through the tools of capital allocation and engagement. Sustainability reporting can play a central role in driving capital to sustainable investments and away from environmentally harmful ones.’

CDSB Framework: Application guidance for biodiversity-related disclosures

Climate Disclosure Standards Board (CDBS) (November 2021)

The CDSB Framework application guidance for biodiversity-related disclosures (the Biodiversity Application Guidance) has been produced by CDSB to assist companies in the disclosure of the material information about the risks and opportunities that biodiversity presents to an organisation’s strategy, financial performance and condition within the mainstream report (biodiversity-related financial disclosure). It is designed to supplement the CDSB Framework for reporting environmental and climate change information to investors (CDSB Framework).

Taskforce Member Q&A: Herry Cho, Head: Sustainability & Sustainable Finance, Singapore Exchange

TNFD (2021)

Herry Cho, Managing Director, Head: Sustainability & Sustainable Finance at Singapore Exchange, shares why they joined the Taskforce and what they are now working on in their role as Taskforce Member.

Towards a TNFD framework: testing nature-related risk reporting in the consumer staples sector

Global Canopy (October 2021)

To support the Taskforce on Nature-related Financial Disclosures (TNFD) with developing a robust framework for nature-related risks, Global Canopy and UNEP FI are testing TNFD core concepts and an exploratory disclosure framework with organisations operating or investing in soy supply chains.

Expanding the E in ESG

fDi Intelligence (August 2021)

David Craig, Co-chair of the TNFD, writes about the difficulty in measuring the E in ESG and how the TNFD aims to include a framework for organisations to report standardised metrics for their nature-related risks.

Reporting on Nature-related Risks, Impacts and Dependencies

UNDP and UNEP FI (August 2021)

A paper for the G20 Sustainable Finance Working Group on the TNFD and the wider landscape of nature-related risk reporting, including a business case for nature positive market action.

Official launch of the TNFD

TNFD (2021)

For the official virtual launch event of the Taskforce on Nature-related Financial Disclosures (TNFD), 10 June 2021, the new Co-Chairs shared their vision for the Taskforce. An influential panel of market leaders also spoke at the event: AXA’s Ulrike Decoene, BlackRock’s Michelle Edkins, WWF’s Pavan Sukhdev, WBCSD’s Sunny Verghese, International Institute of Green Finance’s Yao Wang, and Grupo Financiero Banorte’s Mariuz Calvet, who was Co-Chair of the Informal Working Group bringing together TNFD. Moderated by Lana Wong.

Launching the Taskforce on Nature-related Financial Disclosures (TNFD)

TNFD (2021)

Major financial institutions and multinational corporates have endorsed the launch of a new market-led Taskforce on Nature-related Financial Disclosures (TNFD), which will support business in assessing emerging nature-related risks and opportunities.

TNFD Co-Chairs, David Craig and Elizabeth Maruma Mrema, outline the plans and goals of the TNFD.

The state of EU environmental disclosure in 2020

Climate Disclosure Standards Board (December 2020)

“In this report CDSB has taken a deep dive into the environmental disclosures of the largest listed companies in the EU.”

The time has come – Survey of Sustainability Reporting 2020

KPMG (December 2020)

“This is the 11th edition of the KPMG Survey of Sustainability Reporting; the first edition was published in 1993. This year, KPMG professionals reviewed sustainability reporting from 5,200 companies in 52 countries and jurisdictions, making this the most extensive survey in the series to date.”

The Case for a Task Force on Nature-related Financial Disclosures

Vivid Economics and Global Canopy (September 2020)

A report stating why tackling nature-related risks is a key priority for the finance sector, and making the case for a Task Force on Nature-related Financial Disclosures.

Natural Capital Toolkit

SHIFT (Live)

An interactive database that helps business find the right tool to measure and value natural capital as they use the Natural Capital Protocol.