Home » NewsTNFD secures funding from the Government of Japan Date Posted 28th October 2024 CALI, COLOMBIA, 28 October 2024: DOWNLOAD PRESS RELEASE |ENGLISH | JAPANESE The Taskforce on Nature-related Financial Disclosures (TNFD) is pleased to announce financial support from the Government of Japan. The funding marks a significant development in TNFD’s global drive to integrate nature-related considerations into global financial and corporate decision-making. It also reflects the strong response of market participants in Japan, with over 130 Japanese companies and financial institutions now underway with their nature-related assessment and reporting aligned to the recommendations of the TNFD published in September 2023. The Government of Japan has a longstanding commitment to addressing global biodiversity loss and has played an active role in the Japanese market, encouraging local market participation in the development of the TNFD recommendations since the Taskforce was formed in mid 2021. Senior executives from Japanese financial institutions MS&AD and Norinchukin Bank serve on the Taskforce. The TNFD’s Consultation Group in Japan, convened by Keidanren Nature Conservation Council, MS&AD and Norinchukin Bank, was one of the first established around the world. The Centre for the Global Commons at the University of Tokyo has served as a Knowledge Partner to the Taskforce and Japanese experts have supported the development of the TNFD’s global nature-related data initiatives. Ms. Aya Nagata, Director of Office for Mainstreaming Biodiversity, Ministry of the Environment, Japan, said: “The TNFD plays a significant role in the disclosure of biodiversity information by the business community, which is part of Target 15 of the Kunming-Montreal Global Biodiversity Framework. As many companies in Japan are also adopting TNFD, there is a growing international momentum. We are therefore delighted to contribute to TNFD’s powerful movement.” Naoko Ishii, Professor and Director at the Centre for the Global Commons at the University of Tokyo, commented: “There is growing interest among Japanese business in how to contribute to realising a nature-positive economy. In doing so, the business community is facing nature-related data challenges. The support from the Japanese government reflects its commitment to TNFD’s work on the global Nature-related Data Public Facility.” Furthermore, Japan has taken an active role in tackling invasive alien species, another core area of TNFD’s focus, with its Vice Minister for Global Environmental Affairs delivering opening remarks at a session during COP16 yesterday, featuring representatives from Anglo American, Flora & Fauna International and IUCN. Keiji Nishizawa, Chair of Keidanren Nature Conservation Council, said: “As the Japanese business community continues to actively engage in disclosure of information on biodiversity and natural capital, Keidanren and KNCC sincerely welcome this financial support from the Government of Japan to the TNFD as an indication of Japan’s public-private joint efforts to strengthen collaboration with the TNFD, which is leading the international standardisation of disclosure. We firmly believe that the development of the Nature-related Data Public Facility will contribute to facilitating access to and application of nature-related data based on regional characteristics, and greatly promote the understanding of various stakeholders, including investors, and the enhancement of the significance of disclosure.” Shinichiro Funabiki, Representative Director, President & CEO, MS&AD Insurance Group Holdings, Inc., a Taskforce Member, said: “We welcome the Japanese government’s announcement of support for TNFD. The Japanese government has been a member of the TNFD Forum since its inception, and has been raising awareness of TNFD among corporates and financial institutions. This growing interest in TNFD in the market has also encouraged the Japanese government to enact several new legal systems to achieve the Kunming-Montreal Global Biodiversity Framework. We hope that this support will accelerate the transition to a nature-positive economy and society.” Kazuto Oku, President & CEO of Norinchukin Bank, a Taskforce Member, said: “It is with great pleasure to have learnt of the decision by the Japanese government to provide support directly to the Taskforce recognising the significance of its work. Together with the Japanese TNFD Adopters, we are committed to leading the action towards nature positive.” David Craig, Co-Chair of the TNFD, commented: “Japan is leading the way on voluntary market adoption of the TNFD, a reflection of a deep cultural affinity with nature and a proactive approach amongst its business and finance community to recognise and respond to both the impacts and dependencies on nature by Japanese business and the corresponding risks and opportunities to the Japanese economy. We are grateful for the generous support from the Government of Japan and will benefit enormously from Japanese perspectives and input across all aspects of our work and global market engagement.” ABOUT THE TASKFORCE ON NATURE-RELATED FINANCIAL DISCLOSURES (TNFD) The Taskforce on Nature-related Financial Disclosures (TNFD) is a market-led, science-based and government-backed initiative providing organisations with the tools to act on evolving nature-related issues. It was launched in June 2021 with the support of the G20 Sustainable Finance Working Group and financial support from a number of governments and philanthropic foundations. In September 2023, the TNFD published a set of disclosure recommendations and guidance that encourage and enable business and finance to assess, report and act on their nature-related dependencies, impacts, risks and opportunities. The TNFD recommendations now operationalise Target 15 of the Global Biodiversity Framework (GBF) agreed to by over 190 governments at the CBD COP15 in Montreal in 2022 and enable businesses and finance to integrate nature into their governance, strategy, risk management and capital allocation decision making. The goal of the Taskforce is to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes, aligned with the Global Biodiversity Framework. With the recommendations released, the Taskforce is now focusing its efforts on encouraging and supporting voluntary market adoption and supporting efforts to address the implementation, capability building and data needs of market participants. The Taskforce is comprised of 40 senior executives drawn from leading financial institutions, corporates and market service providers from around the world and across sectors, with combined assets of over US$20 trillion. Twenty core knowledge partners from leading science, standards, and data institutions feed into the work of the Taskforce. A group of over 1,600 organisations support the work of the Taskforce as institutional members of the TNFD Forum. Over 500 organisations globally have now committed to start reporting on their nature-related issues aligned to the recommendations of the TNFD. MEDIA CONTACTS Rita Lockheart, Communications Lead, [email protected] [email protected]