July-August newsletter: Data Catalyst launch & new working groups
New Working Groups begin tackling priorities for v0.3 of beta framework
Following the release of v0.2 of the TNFD beta framework in June, the Taskforce started two new Working Groups in July, tasked with developing specific guidance and the approach to scenarios. The new Working Groups sit alongside Data & Analytics (continued) and Metrics & Targets (continued). The four Working Groups are meeting regularly to work on key deliverables for v0.3.
The new Guidance Development Working Group is developing specific guidance along three dimensions: (1) by sector, starting with the priority sectors identified in the v0.2 release, (2) by realm and biome, and (3) by nature-related issue (impact drivers, impacts, dependencies, risks and opportunities). This will build in learnings and insights from pilot testing and feedback on the v0.2 release from the TNFD Forum and wider market participants.
The new Scenarios Working Group is developing the TNFD proposed approach to scenarios, building off insights from Taskforce and Forum members’ experience with climate scenarios guidance from the Task Force on Climate-related Disclosures (TCFD), as well as existing work on nature scenarios. As it builds the proposed TNFD approach, the Scenarios Working Group will continue to engage and consult with Knowledge Partners involved in related work on scenarios.
Data providers are invited to join new Nature-related Data Catalyst
In July, TNFD launched the Nature-related Data Catalyst, which will bring together actors from across the nature-related data landscape, covering diverse segments and geographies. The Catalyst aims to identify shortcomings in current nature-related data, analytics and tools, and accelerate further development and access. It will respond to gaps and challenges laid out in TNFD’s Data Landscape Discussion Paper released in March 2022.
The newly launched Nature-related Data Catalyst will feed into the Data & Analytics Working Group, helping crowd-in market knowledge and experience.
TNFD invites providers of sustainability data, analytics, and workflow tools to join the Data Catalyst. To learn more about the Catalyst or express interest to join, visit the TNFD website.
Provide feedback & pilot
The Taskforce invites market participants and other stakeholders to continue to provide feedback and pilot test the beta framework.
- Complete a desk-based review and provide feedback via the TNFD’s online platform. Provide your feedback on v0.2 by 23 September for the Taskforce to consider the feedback before the release of v0.3 in November.
- Pilot test the framework by applying it to your specific organisation. For practical guidance on whether you are ready for pilot testing and how to approach it, visit the TNFD Piloting Guide. The pilot testing feedback window is open until 1 June 2023.
TNFD Knowledge Partner spotlight: Science Based Targets Network (SBTN)
Why did you decide to partner with TNFD?
We share the same vision: transforming business models towards a nature positive economy, based on the best available science. SBTN is equipping companies with the guidance, tools and methods to set science-based targets for nature. TNFD, in turn, is working to create a framework for companies and financial institutions to manage and disclose nature-related risks. It was therefore a no-brainer to partner with TNFD to ensure alignment in the way those nature-related risks are understood, framed and addressed by companies and financial institutions so they can incorporate nature into their decision-making processes in the most impactful and efficient way.
How does SBTN’s work feed into the Taskforce’s work and specific elements of the framework?
The TNFD beta framework has adopted SBTN’s definitions of impacts and dependencies on nature, reflecting the foundational and methodological parallels between both initiatives. The critical importance of SBTN’s second target-setting step for companies to prioritise action based on geographic location is also reflected in the Location Phase of the TNFD LEAP approach. SBTN and TNFD are now collaborating to provide consistent guidance to companies about how to set targets and measure progress. The goal is to develop an aligned and integrated approach for companies to set science-based targets through SBTN and manage and disclose nature-related risks and opportunities through TNFD.
Any upcoming highlights?
SBTN is planning the first release of science-based targets for nature in early 2023, which will include initial target-setting resources for companies on freshwater and land. SBTN is aiming to provide companies with comprehensive science-based targets for nature by 2025. SBTN is working closely with TNFD to ensure work towards these milestones informs TNFD’s work on metrics and targets, including the upcoming v0.3 beta release in November 2022, which will include draft TNFD guidance on target setting.
Call for nomination of experts to participate in the business and biodiversity assessment (IPBES)
IPBES is inviting Governments and other relevant stakeholders to nominate experts to participate in its business and biodiversity assessment. This will be a methodological assessment of the impacts and dependence of business on biodiversity and nature’s contributions to people. IPBES is seeking experts and practitioners from all relevant business and financial sectors, including but not limited to forestry, agriculture and food systems, marine and freshwater fisheries and other uses of wild species, water resources, recreation and tourism, pharmaceuticals, energy, infrastructure and mining. You can apply here (nominations close 1 November 2022): https://ipbes.net/application/business-and-biodiversity-assessment
Read, watch, listen: key new content on nature, finance & business
Just Nature: How finance can support a just transition at the interface of action on climate and biodiversity (LSE Grantham Research Institute) A report covering how the financial sector can support the journey towards a ‘just nature transition’, including practical steps on integrating decent work and social inclusion into nature and biodiversity goals.
Banking on natural capital – unlock the true value of nature (Deloitte) A report considering the implications of valuing nature differently, aiming to explore how “the growing ecological deficit can be addressed by mobilising investment into the conservation, sustainable management and restoration of natural capital assets.”
Piloting the TNFD beta framework in the palm oil sector (Global Canopy) A report which looks at the lessons learned and recommendations from the first pilot of the TNFD beta framework in the palm oil sector.
For more new content, including from Environmental Finance, UBS, The Nature Conservancy and many more, visit the TNFD Knowledge Bank, which features an extensive selection of curated research reports and market insights.
Join TNFD at events
- Economist Impact, ESG and Climate Risk Week (13-15 September) TNFD’s Co-Chair David Craig will be speaking at a panel on 13 September at 11:45 am BST, discussing accountability and reporting. Register here for the event.
- World Biodiversity Summit (21 September) This event, occurring during NY Climate Week, will include TNFD’s Executive Director Tony Goldner speaking on a panel on ‘Nature-Positive Supply Chains: Quantification, Innovations & Regulations’. The Summit offers a platform to bridge the biodiversity and climate agendas, mobilise investments for nature, and build global public-private partnerships for nature to meet the goals outlined in the Post-2020 Global Biodiversity Framework. Register to attend digitally here.
- IUCN Leaders Forum 2022 ‘Building nature-positive economies and societies’ (13-15 October) TNFD and IUCN are partnering with the Korean Ministry of Environment and the Jeju Special Self-Governing Province to bring together leaders from government at national and local level, NGOs, Indigenous Peoples organisations and executives from finance and industry. Confirmed speakers include representatives from the TNFD Taskforce, from Deloitte and Singapore Exchange, alongside high-level speakers such as Elizabeth Mrema and Ban Ki-Moon. TNFD will be involved in several sessions: a deep-dive session on disclosures and a dialogue with Indigenous Peoples and Local Communities representatives. Further logistical information will be published next week, with registration opening in September. For more information, please see the event website or contact [email protected].
For a complete list of upcoming events with TNFD spokespeople, see tnfd.global/events.
TNFD in the media – highlights
- Devex (12 July): Where do efforts stand on a nature-based finance standard?
- ESG Investor (14 July): TNFD Launches ‘Data Catalyst’ to Support Nature Disclosures
- Environmental Finance (15 July): TNFD: The problem of ‘exploding’ data
- Edie (19 July): From CDP to UN PRI: edie’s A to Z of ESG standards and disclosure frameworks