The Taskforce on Nature-related Financial Disclosures on Sept. 18 released its final recommendations on nature-related risk management and disclosure, aligned with existing Global Reporting Initiative (GRI) and International Financial Reporting Standards (IFRS) and Kunming-Montreal Biodiversity Framework requirements.
The issuance of 14 recommended science-based disclosures along with additional implementation guidance came after a two-year consultative development process, including pilot testing by over 200 companies and financial institutions.
British pharmaceutical industry company GSK is among the companies to express their intention to adopt the said recommendations.
The Taskforce is expecting more companies to follow suit, with some institutions invited to the inaugural cohort of TNFD Adopters to be announced at the World Economic Forum at Davos.
The recommendations seek to inspire better decision-making among companies and capital providers, as well as contribute to a shift in global financial flows aligned with nature-positive outcomes and the goals of the Kunming-Montreal Global Biodiversity Framework.
The recommended disclosures are also consistent with the global sustainability standards of the International Sustainability Standards Board (ISSB) and are built on those of the Task Force on Climate-related Financial Disclosures (TCFD). Further, the recommendations are incorporated into the new European Sustainability Reporting Standards and are adhering to the requirement of the Global Biodiversity Framework’s Target 15.