Enabling and Scaling up Market Adoption of Nature-related Financial Disclosures

According to the World Economic Forum, $44 trillion of global economic output, around half the global economy, is at moderate or significant exposure to nature-related risks. The Taskforce on Nature-related Financial Disclosures (TNFD) is developing a market-led, integrated global risk management and disclosure framework. This framework forms the basis for companies to report on nature impacts and dependencies, and risks and opportunities. Such disclosures provide the basis for shifting the flow of global capital to transition the global economy to nature-positive outcomes. This project will help business and financial institutions around the world report nature-related financial disclosures in their financial statements. Such information will better inform governments, financial markets, community groups and citizens as they make decisions for more sustainable prosperity.

Project data

Countries
Brazil, China, Colombia, Costa Rica, Egypt, India, Indonesia, Kenya, Malaysia, Mexico, Morocco, Nigeria, Peru, Philippines, South Africa
IKI funding
28,994,000.00 €
Duration
01/2023 till 01/2029
Status
open
Implementing organisation
United Nations Development Programme (UNDP)
Implementing Partner
  • Global Canopy Programme (GCP)
  • Green Finance Institute - England
  • UNEP Finance Initiative - Switzerland
  • World Wide Fund for Nature (WWF) International
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State of implementation/results

    With the support of the IKI project, the International Union for Conservation (IUCN) and the International Indigenous Forum on Biodiversity (IIFB) organized an international workshop The Global convening of Indigenous Peoples and Local Communities' leaders on the TNFD Framework and the Kunming-Montreal Global Biodiversity Framework, which took place in Barcelona, Spain from May 8th to 13th, 2023. The main objective was to discuss and contribute to the following areas of work:
    • Analysis of the TNFD Nature-related Risk and Opportunity Management and Disclosure Framework Beta v0.4 and related documents.
    • Analysis of the negotiations on the new work program on Article 8 (j) and the articles on indigenous peoples and local communities of the Convention on Biological Diversity.
    • Identify priorities and processes related to the implementation of the Kunming-Montreal Global Biodiversity Framework.
    • Identify key actions of the IUCN Indigenous Peoples Organizations Member Platform related to the implementation of the Kunming-Montreal Global Biodiversity Framework.
    In early September 2023, TNFD joined the world's largest conservation organizations, institutes, business and financial coalitions to launch a new initiative www.naturepositive.org aimed at aligning the definition, To advance the integrity and use of the term “Nature Positive” and support efforts to achieve Nature Positive outcomes.
    On September 18, 2023, the Nature-Related Financial Information Taskforce ("TNFD") released its final recommendations for nature-related risk management and disclosures.
    The publication marked the culmination of a two-year open innovation and design process. The market consultation on the final beta version 0.4 of the recommendations, which took place between March and June 2023, received 1,750 responses, including 207 substantive responses.
    At the time of launch, TNFD also published a "Getting Started" guide created in collaboration with 9 partners: Business for Nature, Capitals Coalition, CDP, the Finance for Biodiversity (FfB) Foundation, the Principles for Responsible Investment (PRI), UN Environment Program - Finance Initiative (UNEP FI), UN Global Compact, World Business Council for Sustainable Development (WBCSD) and the World Economic Forum (WEF).
    Additional guidance and a catalog of tools to support companies in implementing the recommendations have been made available on the new TNFD website.

Latest Update:
12/2023

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