Nature is a broad and complex subject often lacking unified definitions, standards and metrics geared towards facilitating corporate and financial institution risk management. However, across science, public opinion, non-financial companies and financial institutions, there is a rapidly increasing awareness of both the impact and dependency that businesses have on nature, and what “nature” in its considerable diversity represents. It is essential to enable organisations to understand and account for this in their daily decisions.
The goal of the TNFD is to provide a framework for organisations 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.
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Nature in Scope is a a report based on nine months of work of work by the five workstreams of the Informal Working Group (IWG) of the Task Force for Nature-related Financial Disclosures (TNFD) set up in September 2020. During these months, we have worked in defining the proposed scope, governance, work plan, communication and resourcing plan for the TNFD to make it available for public distribution.
The Informal Working Group (IWG) was led by market players and developed this paper through a number of workstreams, bringing together the collective knowledge and experience of dozens of organisations. As a culmination of this effort, the paper summarizes the way forward for the coming two-year effort and sets the stage for a market-wide shift in how nature-related risks are reported and acted upon.
Read on at TNFD