TNFD: Increased TNFD adoption and new sector guidance

On 28 June 2024, the Taskforce on Nature-related Financial Disclosures (TNFD) announced a 30% increase in adopters of their corporate reporting recommendations since January 2024 and released a suite of sector guidance, including recommended sector-specific disclosure metrics, to support reporting by companies and financial institutions.

The TNFD published its final recommendations, which include a set of general requirements for nature-related disclosures and a set of recommended disclosures (TNFD Recommendations) in September 2023. The TNFD has now published Additional Sector Guidance for eight sectors, updated Additional Guidance for Financial Institutions, and Additional Guidance on value chains.

The Additional Sector Guidance includes recommended sector-specific metrics for disclosure in line with the TNFD Recommendations and covers the following sectors:

• Aquaculture
• Biotechnology and Pharmaceuticals
• Chemicals
• Electric Utilities and Power Generators
• Food and Agriculture
• Forestry and Paper
• Metals and Mining
• Oil and Gas

The Additional Guidance for Financial Institutions includes guidance on the TNFD recommended disclosures and disclosure metrics for banks, re/insurance companies, asset managers and owners, and development finance institutions.

The Additional Guidance on value chains aims to support organisations in identifying and analysing their upstream and downstream value chains. It outlines value chains’ characteristics that can create challenges assessing nature-related issues and how organisations can approach these issues, including assessing when it is appropriate to seek full traceability and where the use of secondary data is an acceptable alternative to the direct measurement of dependencies and impacts.

(TNFD, TNFD adoption now over 400 organisations and new sector guidance released, 28.06.2024)