September-October newsletter: Updates on Taskforce, feedback & Data Catalyst
Taskforce meets for in-person plenary
Last week, Taskforce Members from all five continents gathered in London for an in-person plenary meeting. TNFD Co-Chairs Elizabeth Mrema and David Craig guided the Taskforce Members through discussions of some key remaining design issues, in preparation for the coming iterations of the TNFD beta framework and the full framework that will launch in September 2023.
While the 34 Taskforce Members serve in an individual capacity, they represent corporates, financial institutions and market intermediaries with US$19.4trn in assets and a footprint in over 180 countries.
Over 450 pieces of feedback received on v0.2 beta framework
The window to provide feedback on the v0.2 beta framework in advance of v0.3 publication has now closed. The TNFD has now received 475 pieces of feedback on the beta framework from 21 countries, as of 23 September. This included 423 online responses and 52 substantive feedback submissions. The Taskforce is now reviewing the feedback, and incorporating relevant feedback into v0.3 of the framework, which will be released in November. In addition to comments received via the interactive framework site, the Taskforce is also reviewing feedback from completed pilots.
Feedback received to date on all beta versions may also be addressed in v0.4 in February or the final v1 of the framework in September. Organisations can continue to provide their feedback and comments at any time until 1 June 2023.
There are currently 125 pilots of the TNFD framework ongoing, three of which have provided their feedback to the Taskforce. Pilot testing continues, and we invite organisations to visit the TNFD Piloting Guide for practical guidance on whether you are ready for pilot testing and how to approach it. The pilot testing feedback window is open until 1 June 2023.
80+ providers of sustainability data, analytics and workflow tools join the Nature-related Data Catalyst
In July, TNFD launched the Nature-related Data Catalyst, with the goal of bringing together actors from across the nature-related data landscape, covering diverse segments and geographies. Since then, 80+ participants have joined, and initial workshops have already occurred, with more to come. The Data Catalyst workshops are feeding into the Taskforce’s Data & Metrics Working Group, providing valuable expertise on solving the data and analytics challenges and gaps set out in the TNFD’s Data Landscape Discussion Paper.
The Catalyst aims to identify shortcomings in current nature-related data and analytics, and accelerate the development of, and access to, nature-related data, analytics and tools. If your organisation is interested in joining, you can view the criteria for membership here..
TNFD Taskforce member spotlight: Abyd Karmali, Bank of America
Call for nomination of experts to participate in the business and biodiversity assessment (IPBES)
The Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) is asking for experts to express their interest in participating 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).
Read, watch, listen: key new content on nature, finance & business
What you can measure, you can manage (Nature4Climate) A white paper introducing nature tech and all the innovations needed to sit alongside existing nature-based solutions and other responses to the climate and nature crisis.
Deforestation risks for banks (UNEP FI) A global training programme to support the banking community to understand how deforestation-risk commodities in their investment portfolios contribute to their overall risk exposure and how to mitigate this exposure through investment in Nature Based Solutions. The training course is made up of four modules.
Nature in an Era of Crises: Shaping Purposeful Nature Markets (Taskforce on Nature Markets) A new report from the Taskforce on Nature Markets maps a detailed taxonomy and economic sizing of nature markets, i.e. those markets that explicitly value and trade nature including voluntary carbon credits, conservation, soft commodities and nature-based solutions for carbon sequestration.
For more new content, including from PwC, WEF, Bloomberg and many more, visit the TNFD Knowledge Bank, which features an extensive selection of curated research reports and market insights.
Join TNFD at events
- City & Financial Global Natural Capital Summit (13 October) Taskforce Members Abyd Karmali (Bank of America) and Snorre Gjerde (Norges Bank Investment Management) will speak at the event. TNFD Co-Chairs David Craig and Elizabeth Mrema will be giving keynote addresses, and David will also be chairing the summit. This summit will assess in detail the challenges companies face in reporting on nature; it will analyse the tools and methodologies available to assist in the process and discuss the regulatory future of this type of reporting.
- Environmental Finance’s The Future of ESG Data conference (17 October) TNFD’s Data and Analytics Technical Lead James d’Ath will be speaking on the panel ‘The emerging ecosystem of data and tools for biodiversity and nature-related investments’.
- Natural Capital Data for Better Decision Making – Financing for Nature (2 November) TNFD’s Technical Director Emily McKenzie will be speaking on the panel on ‘Latest developments in incorporating nature in financial decisions’.
- Reuter’s ESG Investment Europe 2022 (22-23 November) On day two of the conference, TNFD Co-chair David Craig will be delivering the closing keynote, highlighting the need for financial institutions to take into account nature, climate and other ESG considerations in their work.
For a complete list of upcoming events with TNFD spokespeople, see tnfd.global/events.
TNFD in the media – highlights
- GreenBiz (27 September): 4 immediate actions to better manage natural resources for global biodiversity
- The Banker (22 September): Elizabeth Mrema: Businesses must prepare for greater scrutiny over nature-related risks
- Professional Pensions (25 August): TNFD accelerates efforts on nature disclosure framework