Nature in Scope: A Summary of the Proposed Scope, Governance, Work Plan, Communication and Resourcing Plan of the TNFD

Nature in Scope: A Summary of the Proposed Scope, Governance, Work Plan, Communication and Resourcing Plan of the TNFD

According to estimates by the World Economic Forum, more than half the world’s economic output — US$44tn of economic value generation — is moderately or highly dependent on nature. The TNFD is expected to support the shift in finance by providing 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.

The IWG engaged 74 members covering financial institutions, regulators, corporates and others influential actors with over US$ 8.5 trillion in assets. We were further supported by the United Nations, with UNDP and UNEP Finance Initiative playing the role of ‘Accelerator Team’, WWF and Global Canopy. Inputs were widely received from observers and an initial group of stakeholders. We will continue to broaden engagement, seeking out the views of further groups and experts including representatives of indig- enous peoples and affected communities through the work of the full Taskforce. The groups and individuals in the IWG worked intensively over 9 months through member-led workstreams and with commissioned technical support to craft and deliver the material summarised herein.

The result is this ‘Nature in Scope’ paper which summarizes practical recommendations for the technical scope and operating model of the TNFD. Delivery of these is supported by a well-crafted two-year work plan anchored in building, testing and consultation in the continuum of evolving risk, that is being iterative and adaptive to this rapidly evolving space.

Author: Taskforce on Nature-Related Financial Disclosures (TNFD)

Publisher: Taskforce on Nature-Related Financial Disclosures (TNFD)

Language: English

Year: 2021

Keyword(s): biodiversity, conservation finance, nature-based solutions (NbS), nature-related risks, sustainable finance, Taskforce on Nature-Related Financial Disclosures (TNFD)

Ecosystem(s): Uncategorised

Location(s): Global