Home » NewsTNFD engagement deepens in China as Bank of China joins the Taskforce Date Posted 13th January 2025 Press release | ENGLISH| MANDARIN BEIJING, CHINA, 13 January 2025 The Taskforce on Nature-related Financial Disclosures (TNFD) yesterday welcomed the Bank of China to its Taskforce, alongside other leading global companies, financial institutions and market intermediaries. The Bank of China is the first Chinese financial institution to join the Taskforce and its appointment marks a significant expansion in Chinese input into the work of the Taskforce and in the presence of TNFD in the Chinese market. Alongside existing Taskforce Members, the Bank of China will provide expert input and design recommendations on the evolving TNFD guidance for market participants, as well as in relation to a range of market engagement, data and capacity building initiatives. This will include specific support to expand and deepen further engagement by the TNFD with Chinese companies, financial institutions and other key stakeholders for the benefit of the long-term resilience of the Chinese economy. Alongside the appointment of Bank of China to the Taskforce, the TNFD also announced the launch of new TNFD Consultation Groups in China. The Institute of Finance and Sustainability (IFS) will convene a Consultation Group in the Chinese Mainland and Hong Kong Green Finance Association and Business Environment Council (BEC) will co-convene a Consultation Group in Hong Kong. Together, these developments both highlight and support the growing momentum in the Chinese market to assess and integrate nature-related considerations into financial and corporate decision making. Tim Skeet, Member of the Executive Management Committee of Bank of China Limited London Branch, commented: “As China’s most international bank, with a rich history of engagement with organisations and agencies around the world, it is fitting that Bank of China should take the lead as the first Chinese financial institution to join the Taskforce. From our involvement at COP15 in Kunming, our long and pioneering work in sustainable finance, to today’s important announcement, Bank of China is proud to step-up and shoulder this responsibility. We look forward to working together with important global partners to seek solutions to the pressing problems of climate change and loss of biodiversity that affect us all. This is a vital task that requires multinational cooperation, understanding and the development of global standards. Bank of China will work hard to support this work.” David Craig, Co-Chair of the TNFD, commented: “We are delighted to see growing support from Chinese companies and financial institutions in the work of the TNFD following China’s leadership in negotiating the Kunming-Montreal Global Biodiversity Framework agreement among more than 190 governments in December 2022. Among its goals and targets, that agreement calls on governments to introduce requirements for nature-related reporting, which the TNFD recommendations and guidance now enable. We look forward to learning more from Chinese experience and deepening our engagement in China through the participation of the Bank of China on the Taskforce.” ABOUT THE TASKFORCE ON NATURE-RELATED FINANCIAL DISCLOSURES (TNFD) The Taskforce on Nature-related Financial Disclosures (TNFD) is a taskforce of business and finance leaders, launched in 2021 with the support of the G20. TNFD provides recommendations and guidance for market participants and other stakeholders about how nature beyond climate should be assessed, managed and reported. It has built a global movement of support and action, including over 500 organisations and over USD 17 trillion in assets under management (AUM) now committed to reporting their nature-related issues aligned with the TNFD recommendations published in September 2023. The TNFD recommendations build on the previous approach and recommendation of the Task Force on Climate-related Financial Disclosures (TCFD) and are aligned with the impact standards of the GRI, the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the sustainability reporting standards of the International Sustainability Standards Board (ISSB).