A total of 320 organisations across more than 46 countries have committed to making nature-related disclosures based on the Taskforce on Nature-related Financial Disclosures (TNFD) Recommendations.

As reported by our sister publication Pensions Age, the TNFD reporting recommendations were published in September 2023, with the 14 recommended disclosures following the approach and structure developed by the Taskforce on Climate-related Financial Disclosures (TCFD).

This first cohort of adopters of the TNFD Recommendations includes 178 companies representing US $4trn in market capitalisation, 106 financial institutions with US $14trn of assets under management, as well as banks, insurers, and other market intermediaries.

These organisations have announced their intention to begin adopting the TNFD Recommendations and publishing TNFD-aligned disclosures as part of their annual corporate reporting for the 2023, 2024 and 2025 financial years.

Notable early adopters include Norges Bank Investment Management (NBIM) and seven of the 29 Globally Systemically Important Banks (GSIBs).

“This is a milestone moment for nature finance and for corporate reporting,” commented TNFD co-chair and Refinitiv former founder and CEO, David Craig.

“As climate-related sustainability reporting goes mainstream through the new International Sustainability Standards Board (ISSB) standards and regulation in a growing number of countries, this is a clear signal that investors, lenders, insurers and companies are recognising that their business models and portfolios are highly dependent on both nature and climate and need to be treated as both strategic risks and investment opportunities.

“We are delighted to see such a strong, diverse and international group of companies and financial institutions step forward only four months after the release of our recommendations and look forward to even more stepping forward over the coming months.”

Principles for Responsible Investment CEO, David Atkin, added: “Transparency and disclosure are foundational to private sector efforts to identify and manage nature-related risks and opportunities.

“The voluntary uptake of the TNFD disclosure recommendations happening at such speed and scale is a hugely significant step in the right direction in this regard. By committing to disclosing nature-related information, these early adopters are aligning themselves with emerging and ambitious best practice for the long term.

“The uptake seen so far further highlights the drive from the private sector to address nature-related risks and opportunities, and its appetite for ambitious action in implementing the Kunming-Montreal Global Biodiversity Framework and halting and reversing biodiversity loss.

“Nature risk is financial and business risk, and by committing to these disclosures, the TNFD early adopters are taking an important step to managing this risk and securing their businesses’ operations for the long term.”

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