Aligned with the TCFD approach, the Taskforce has also released draft guidance on its proposed approach to the use of scenarios for nature-related issues.Īs part of the package of updates and new components released today, the TNFD has also released draft guidance on engagement with affected stakeholders and draft guidance for four sectors – Agriculture & Food Mining & Metals Energy and Financial Institutions – and for four biomes, including tropical forests. The Taskforce has adapted the notion of ‘Scopes’ (Scope 1, 2 and 3 in climate reporting) to the nature context as ‘direct’ operations, ‘upstream’, ‘downstream’ and ‘financed’. Additional Disclosure Metrics – to enable report preparers to include metrics that might be particularly relevant to their business model and nature-related issues.Core Sector Disclosure Metrics – to enable capital providers to make comparable assessments of businesses within a sector and.Core Global Disclosure Metrics – that are relevant broadly to organisations across sectors and are reflected in global policy priorities, including the Global Biodiversity Framework.The three tiers of proposed disclosure metrics are: Finally, the approach is also designed to allow organisations to signal their alignment to global policy goals, such as the recently negotiated Global Biodiversity Framework (GBF) much as they are now doing with climate reporting and net zero transition planning aligned to the goals of the Paris Agreement. The metrics approach also seeks to provide report users, as the providers of capital, with comparability across and within sectors while at the same time providing report preparers with flexibility, acknowledging the differences in nature-related issues across sectors and business models. The final draft draws from, and is designed to inform, relevant standards including those from the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI), both knowledge partners to the TNFD.įor the first time in this final draft, the Taskforce has outlined its approach to disclosure metrics proposing a tiered approach of leading indicators, many drawn from existing standards, that seeks to strike the right balance between being science-based and yet practical for market participants to use as part of the annual reporting cycle and on a limited assurance basis. Like the TCFD, the TNFD is developing a global framework for risk management and disclosure, not a standard. This should encourage and enable market participants to move towards integrated climate-nature disclosures. The TNFD framework is anchored by the same four pillars of the TCFD approach and all 11 of the TCFD recommended disclosures have been incorporated into the TNFD final draft, providing market participants with a high level of alignment with the structure, language and approach taken by the TCFD. The Taskforce has made minor adjustments since the last release to its proposed risk and opportunity assessment process and reduced its proposed recommended disclosures from 15 to 14 based on feedback. The draft framework, available on the TNFD website, has been viewed over 90,000 times from market participants across more than 150 countries and territories.įeedback from market participants and other stakeholders has broadly endorsed the three core elements of the draft framework: the core concepts and definitions the proposed risk and opportunity assessment approach (LEAP) and the draft disclosure recommendations aligned with those of the TCFD.
Since the start of its work in October 2021, the TNFD’s open and iterative approach to the design and development of the framework has garnered the support of over 1,000 organisations of the TNFD Forum, and 200 organisations now pilot testing aspects of the draft framework around the world and across sectors.
#FINAL DRAFT 11 UPGRADE FULL#
For the first time, market participants can view a full representation of the framework, including the Taskforce’s proposed approach to disclosure metrics. This release marks the fourth (v0.4) and final draft of the framework with the TNFD on track to publish its final recommendations in September 2023. The Taskforce on Nature-related Financial Disclosures (TNFD) releases its fourth and final beta framework for nature-related risk management and disclosure.
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