The Taskforce on Nature-related Financial Disclosures (TNFD) has announced that 320 organisations from over 46 countries have committed to start making nature-related disclosures based on the TNFD Recommendations published in September last year.
This first cohort of adopters of the TNFD Recommendations includes leading publicly listed companies across geographies and industry sectors representing US$4 trillion in market capitalisation; over 100 financial institutions, including some of the world’s largest asset owners and managers, representing US$14 trillion in Assets under Management (AUM) as well as banks, insurers and other leading market intermediaries such as stock exchanges and audit and accounting firms.
These organisations have signalled today their intention to begin adopting the TNFD Recommendations and publishing TNFD-aligned disclosures as part of their annual corporate reporting for FY2023, FY2024 or FY2025.
The organisations announced today as part of this first cohort of TNFD adopters are headquartered in over 46 countries. Among the notable financial institutions are NBIM (the largest single owner in the world’s stock markets, owning almost 1.5% of all shares in the world’s listed companies), as well as 7 of the 29 Globally Systemically Important Banks (GSIBs).
The announcement was made today at an Issue Briefing event at the Annual Meeting of the World Economic Forum on Tuesday 16th January 2024.
Commenting on this, TNFD co-chair, David Craig, said: “This is a milestone moment for Nature finance and for corporate reporting. As climate-related sustainability reporting goes mainstream through the new International Sustainability Standards Board (ISSB) standards and regulation in a growing number of countries, this is a clear signal that investors, lenders, insurers and companies are recognizing that their business models and portfolios are highly dependent on both nature and climate and need to be treated as both strategic risks and investment opportunities. We are delighted to see such a strong, diverse and international group of companies and financial institutions step forward only four months after the release of our recommendations and look forward to even more stepping forward over the coming months”.
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By GlobalDataUN Environment Programme co-chair and deputy executive director, Elizabeth Maruma Mrema, added: “Twelve months ago the world came together to agree to the Global Biodiversity Framework to halt and reverse nature loss, including a specific target on corporate reporting. The release of the TNFD recommendations in September last year provided the tools to do that and today we have seen the market commit to start taking action”.
Principles for Responsible Investment CEO, David Atkin, further said: “Transparency and disclosure are foundational to private sector efforts to identify and manage nature-related risks and opportunities. The voluntary uptake of the TNFD disclosure recommendations happening at such speed and scale is a hugely significant step in the right direction in this regard. By committing to disclosing nature-related information, these early adopters are aligning themselves with emerging and ambitious best practice for the long term. The uptake seen so far further highlights the drive from the private sector to address nature-related risks and opportunities, and its appetite for ambitious action in implementing the Kunming-Montreal Global Biodiversity Framework and halting and reversing biodiversity loss. Nature risk is financial and business risk, and by committing to these disclosures, the TNFD early adopters are taking an important step to managing this risk and securing their businesses’ operations for the long term.”
