Friday 4 June 2021, London – NatureFinance (formerly known as Finance for Biodiversity (F4B)) initiative today welcomes the launch of the Taskforce on Nature-related Financial Disclosures (TNFD), a new global initiative designed to support corporates and financial institutions in assessing and managing emerging nature-related risks and opportunities.
The TNFD’s preparatory phase of work began in September 2020, supported by an Informal Working Group (IWG) and an Informal Technical Expert Group (ITEG), the latter co-chaired by Simon Zadek, Chair of F4B. The role of the ITEG was to support the IWG in defining and creating the scope of the Taskforce, and today’s launch includes a full technical scoping document and workplan for the initiative, along with a summary report entitled ‘Nature in Scope’providing an overview of how TNFD will make progress towards its overarching goal:
“To provide a framework for organizations to report and act on evolving nature-related risks, in order to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes.”
TNFD has today also announced two co-chairs: David Craig, Chief Executive Officer of Refinitiv and Group Leader of Data & Analytics Division at London Stock Exchange Group (LSEG), and Elizabeth Maruma Mrema, Executive Secretary of the United Nations Convention on Biological Diversity (CBD).
Simon Zadek, Chair, F4B, said: “After nine months of intense foundational work as co-chair of the ITEG, F4B is delighted to celebrate the start of TNFD’s important journey. We believe that, with the support of the global financial and business community, international policy makers including the G20 and G7, standard-setting bodies, the TCFD, and development finance institutions, TNFD can meet its aim of making a major contribution to aligning financial flows and the global economy with nature-positive outcomes.”
André Hoffmann, President, MAVA Foundation said: “Making nature count in financing decisions is the only way to align the global economy with nature-positive outcomes. I therefore welcome the launch of the TNFD and look forward to continuing to support its success through Finance for Biodiversity, and our broader networks and programmes.”
Kate Hampton, Chief Executive Officer, Children’s Investment Fund Foundation (CIFF) said: “Our financial system destroys nature. Instead, the same tools of disclosure and risk assessment that are being used to tackle the climate crisis could be deployed to protect fragile ecosystems and the people that depend on them. CIFF is proud to support TNFD through Finance for Biodiversity, as we begin to change the system for the better.”
You can read a comment piece from Simon Zadek by him in Environmental Finance can be found here.