Taskforce on Nature-related Financial Disclosures Resources
Nature-related reporting by companies will provide the key to better understanding our economy’s reliance on nature, meeting global biodiversity targets, and aligning markets with nature-positive outcomes. In a major move forward, the Taskforce on Nature-related Financial Disclosures (TNFD) released its Final Recommendations on Sept. 18, 2023 and announced the first cohort of Early Adopter companies on Jan. 16, 2024.
The Institute for Sustainable Finance (ISF) and Chartered Professional Accountants of Canada (CPA Canada) are proud to act as co-convenors of the Canadian Consultation Group for the TNFD. The role includes capacity building and supporting market adoption of TNFD’s Final Recommendations.
“The private sector has an enormous role to play in preserving natural assets and TNFD’s recommendations will help pave the way,” said ISF Director of Research, Ryan Riordan in an announcement. “Congratulations to the TNFD on the launch of its framework. There is great momentum building for meeting Canadian and global biodiversity targets.”
“Protecting nature is foundational to healthy societies and resilient economies. Halting and reversing nature loss depends on the ability of businesses of all sizes and industries to understand their dependencies and impacts on nature,” said CPA Canada Vice President of Research, Guidance and Support, Rosemary McGuire. “We applaud the efforts of the TNFD and are proud to build awareness and capacity in Canada to support them in enhancing transparency of nature-related risks and opportunities.”
Learn more about our economic dependence on nature with ISF’s Natural Assets Primer. And if you feel your organization is nearly ready to take the plunge and start reporting on some or all of the 14 TNFD recommendations for 2024 or 2025, consider registering now as an Adopter.
Join the TNFD Canadian Consultation Group
Take a lead role in preserving nature
ISF is seeking representatives of Canadian organizations to help support adoption of the TNFD recommendations and work to align Canadian finance and business with nature-positive outcomes.
To get involved please e-mail maya.saryyeva@queensu.ca
Learn moreResources
Learn how your company can get involved and begin to experience the benefits of nature-related disclosures now. TNFD provides a wide range of resources for understanding the 14 Recommendations and guidance for reporting companies. They include:
This document provides the final TNFD Recommendations.
This document aims to help organisations get started with their adoption journey.
With modules covering key aspects of the TNFD’s recommendations and guidance.
Final sector guidance for major areas of the economy, including the finance sector, supplements the TNFD’s Guidance on assessment of nature-related issues — the LEAP approach.
Why nature-related reporting is so vital and how your business can get started
Our expert panel including ISF Director of Research Ryan Riordan, TNFD Executive Director Tony Goldner, and UNEP-FI Nature Co-Lead Romie Goedicke, provided an update on global discussions on nature reporting during COP28, an assessment of the state of global biodiversity and the need to move forward urgently, and a closer look at the development of the TNFD recommendations and how they can work for Canadian organizations.
Canada’s commitment to biodiversity
With the historic Kunming-Montreal Global Biodiversity Framework, adopted at COP15 in Canada, nearly 200 countries agreed to “ensure the full integration of biodiversity and its multiple values into policies, regulations, planning and development processes… and, as appropriate, national accounting… .” What gets measured, gets managed. And by taking natural assets into account, the public sector will be able to make more informed economic and environmental decisions.
With its 2030 National Biodiversity Strategy, the Government of Canada has committed to prioritizing “halting and reversing biodiversity loss and Canadian contributions to the goals and targets of the KMGBF to 2030”, including significant investments in protecting nature. Specifically, meeting Target 15 of the GBF will require supporting a growing “number of companies reporting on disclosures of risks, dependencies and impacts on biodiversity,” particularly large international firms and the finance sector.
