Taskforce on Nature-related Financial Disclosures releases final draft of ecological risks reporting framework, as biodiversity gains importance among investors, firms
- Fourth and final draft will provide market participants with a full representation of the core aspects of the proposed TNFD framework, global initiative’s co-chair says
- Market momentum is already moving, even while the TNFD framework is still in its draft stage: executive director
The global initiative, announced in July 2020 to enable organisations to report and act on evolving ecological risks, released the final draft of the nature-related risk management and disclosure framework on Tuesday. The framework will be launched for market adoption in September after a two-month consultation process ending on June 1.
The founding partners of the TNFD include environmental organisation Global Canopy, the United Nations Development Programme, the United Nations Environment Programme Finance Initiative and WWF, while members of the task force comprise 40 senior executives from financial institutions, companies and market service providers with combined assets of more than US$20 trillion.
“This fourth and final draft of the TNFD framework will provide market participants – for the first time – with a full representation of the core aspects of the proposed TNFD framework, including examples of additional guidance by sector and biome, and a recommended set of disclosure metrics,” David Craig, co-chair of the TNFD, said in a statement.
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“This has been the culmination of a lot of work to bring a science-based approach but [also to] make the complexity of the science of nature accessible and relevant to market participants.”