Taskforce on Nature-related Financial Disclosures (TNFD) launched
On June 4th 2021, the Taskforce on Nature-related Financial Disclosures (TNFD) formally launched. The taskforce aims to provide financial institutions and corporations with guidance on their environmental risks and opportunities.
Four founding partners brought together the TNFD – Global Canopy, United Nations Development Programme (UNDP), the United Nations Environment Programme’s Finance Initiative (UNEP FI) and WWF. Since the first plans for the TNFD, an Informal Working Group comprised of 74 Members across 24 countries worked to propose the practical recommendations for the scope and work plan of the TNFD.
Two reports have been released as part of the launch to outline the role of the TFND and guide their actions moving forward:
- ‘Nature in Scope’ details the TNFD’s ambition to deliver a new framework for organisations to report and act upon evolving nature-related risks and opportunities.
- A complementary report sets out the proposed technical scope for the TNFD.
The task force is also endorsed by major financial institutions, corporates and governments, including the Convention on Biological Diversity (CBD). Executive Secretary Elizabeth Maruma Mrema commented: “Having the private sector as the driving force behind the #TNFD sends a strong message to global governments.”
A full outline of the Taskforce and its establishment can be found on the TNFD website.