Resilient LLP (formerly DeMarco Allan LLP)
Tag

Nature

Browsing

TNFD Publishes Additional Sector and Value Chain Guidance

No Comments By

The Taskforce on Nature-related Financial Disclosures (TNFD) has released additional guidance covering eight real economy sectors, updated additional guidance for financial institutions, and guidance on value chains. These resources are designed to help companies implement the TNFD Recommendations more effectively. The TNFD Recommendations are structured around four core pillars: (i) Governance, (ii) Strategy, (iii), Risk and Impact Management, and (iv) Metrics & Targets. They are aligned with the International Sustainability Standards Board’s IFRS Sustainability Standards, which incorporate the Task Force on Climate-related Financial Disclosures recommendations (see our earlier bulletin here). Additionally, the TNFD Recommendations support the goals and targets of the Kunming-Montreal Global Biodiversity Framework (see our earlier bulletin here). TNFD also announced that it has experienced a surge in adoption, with a 30% increase in companies implementing its reporting recommendations since January. This growth is attributed to 96 additional firms committing to TNFD’s nature-related disclosure framework, bringing the total number of committed firms to 416. This bulletin provides a brief overview of the TNFD’s additional guidance and important information about ongoing stakeholder consultations. Additional sector guidance. The TNFD recognizes significant sectoral differences for corporations implementing the TNFD’s ‘LEAP’ (Locate, Evaluate, Assess and Prepare) approach. To address this variation, it has provided additional sector-specific guidance that is supplemental and intended to complement the TNFD’s Guidance on assessment of nature-related issues: the LEAP approach. The additional guidance offers detailed instructions on applying the TNFD core global disclosure metrics, core sector metrics, and the LEAP approach within the following sectors: Aquaculture; Biotechnology and Pharmaceuticals; Chemicals; Electric Utilities and Power Generators; Food and Agriculture; Forestry and Paper; Metals and Mining; and Oil and Gas. Additional guidance for financial institutions. The updated additional guidance for financial institutions (version 2.0) provides additional guidance for financial institutions to apply the TNFD Recommendations, and is applicable to…

Read More
By

ECCC Publishes 2030 Nature Strategy and Nature Accountability Bill

No Comments By

Environment and Climate Change Canada (ECCC) on Thursday published Canada’s 2030 Nature Strategy: Halting and Reversing Biodiversity Loss in Canada (the Strategy) alongside proposed legislation titled the Nature Accountability Act (the Bill), which received its first reading in the House of Commons last week. The Strategy outlines how Canada will implement its nature protection goals under the Kunming-Montréal Global Biodiversity Framework (GBF) (see our earlier bulletin here), building on existing initiatives across Canada, and defining clear areas of action and improvement. The Bill aims to enshrine the government’s commitment to protecting nature in legislation.    At the fifteenth meeting of the Conference of the Parties (COP15) on biological diversity in Montreal in 2022, Canada committed to protecting 30 per cent of its land and water by 2030, and putting nature on a recovery path by 2050. Canada’s Strategy is mandated to outline the actions that will be taken to achieve these goals.   This bulletin briefly summarizes the Strategy and the Bill.   The 2030 Nature Strategy:   With the aim of ensuring an inclusive, adaptable and evidence-based pathway, the Strategy sets out six pillars: Recognize and uphold Indigenous rights. Honour Indigenous peoples’ roles as original caretakers of the land, waters, and ice, and advance reconciliation through the protection of the rights of Indigenous Peoples set out in the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP); Ensure a whole-of-society approach. Foster policy coherence and collective action across government, society, and industries; Support a resilient economy. Build a resilient economy that acknowledges the intrinsic link between prosperity and healthy environment; Adopt flexible community-based approaches. Support regional differences, empower communities, and adopt flexible approaches that reflect local needs; Use the best available science and equal weight to Western and Indigenous Knowledge. Combine Western science and Indigenous Knowledge to inform decision-making and share information transparently; and  Ensure a holistic approach. Embrace…

Read More
By

G7 Climate, Energy, and Environment Ministers Commit to Urgent Action on Climate Change

No Comments By

The Group of Seven (G7) recently published the Climate, Energy and Environment Ministers’ Meeting Communiqué following the G7 Ministers’ Meeting on Climate, Energy and Environment held last week in Turin, Italy. This marked the first meeting of G7 climate, energy and environment ministers (the Ministers) since COP28 last November and included renewed commitments on strengthening energy security, greenhouse gas (GHG) emission reduction, limiting global temperature increases to 1.5°C, and the imperative of transitioning to cleaner energy sources for economic growth and climate resilience. We view the Ministers’ renewed dedication to energy transition as the meeting’s most significant outcome, although it is important to note that countries heavily reliant on coal maintain some degree of flexibility. This bulletin briefly highlights key commitments made by the Ministers. Carbon Markets. Key carbon market commitments include: work jointly towards delivering robust outcomes from the Work Programme on Article 6 at COP29 in Baku, Azerbaijan later this year; explore innovative options for carbon markets and carbon pricing to contribute to mobilizing public and private contributions to climate finance; and  enhance demand and robust certification standards for carbon dioxide removals.  Energy. Key energy commitments include: phase out existing unabated coal power generation in energy systems during the first half of 2030s or in a timeline consistent with keeping a limit of 1.5°C temperature rise within reach, in line with national net-zero pathways; setting a global target of reaching 1,500 GW of energy storage in the electricity sector by 2030, six times more than in 2022;  reduce demand for and use of fossil fuels, including by rapidly scaling-up clean technologies in power generation, transportation and other end users; and phase out inefficient fossil fuel subsidies, with all countries committing to a progress report in 2025, when Canada will have the Presidency of the G7 (read our earlier bulletin on Canada’s inefficient…

Read More
By