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TNFD Publishes Additional Sector and Value Chain Guidance

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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…

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ISSB Announces Further Harmonization of Sustainability Disclosures

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The International Sustainability Standards Board (ISSB) on Monday announced a series of significant initiatives, strategic partnerships, and collaborations aimed at harmonizing sustainability reporting requirements for companies. The ISSB provided updates on its new two-year work plan, which focuses on further harmonization and consolidation of the disclosure landscape in response to market demand. Key areas of focus include corporate climate transition plans and greenhouse gas (GHG) emissions measurement across the value chain. This bulletin highlights the key initiatives, strategic partnerships, and collaborations being pursued by the ISSB. Harmonizing disclosures about transition plans. The ISSB indicated that it intends to streamline and consolidate frameworks and standards for disclosures about transition plans. This work is expected to align with the ISSB’s focus over the next two years on supporting the implementation of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2) (see our earlier bulletin here). The ISSB indicated that it will focus on providing high-quality, decision-useful information consistent with IFRS S2, instead of requiring transition planning. The ISSB announced that the IFRS Foundation will assume responsibility for disclosure-specific materials developed by the Transition Plan Taskforce, which draws from the work of the Glasgow Finance Alliance for Net Zero (GFANZ). The materials will be housed on the IFRS Sustainability Knowledge Hub and used to develop educational materials that align with IFRS S2’s global baseline and focus on climate-related risks and opportunities. Measuring GHG emissions effectively. The IFRS Foundation has taken a crucial step in supporting credible net-zero transition plans in the private sector by signing a Memorandum of Understanding with the GHG Protocol, a global leader in emissions calculations. This collaboration will enable the two organizations to work together on updates and decisions related to their standards, including the appointment of an ISSB…

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TNFD Announces Taskforce Members

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The Taskforce on Nature-related Financial Disclosures (TNFD) recently announced the 33 “Members of the Taskforce”, including senior executives from financial institutions, corporates, and market service providers. The Taskforce is working on developing a TFND risk management and disclosure framework, to be released in 2023, for organizations to report and act on nature-related risks. The TNFD is built on seven principles/themes: (1) market usability; (2) science-based; (3) nature-related risks; (4) purpose-driven; (5) integrated and adaptive; (6) climate-nature nexus; and (7) globally inclusive. The TNFD is assisted by more than 100 institutions, including the following Canadian institutions: BMO Financial Group, CPP Investments, the Intact Centre on Climate Adaptation, Mining Association of Canada, the Nature Conservancy of Canada, and WSP Global Inc. For further information or to discuss the contents of this bulletin, please contact Lisa DeMarco at lisa@resilientllp.com.

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