The science-based recommendations, known as the Task Force for Nature-related Financial Disclosures , have been refined over the past two years with input from executives at companies including BlackRock Inc., UBS Group AG and HSBC Holdings Plc. TNFD seeks to be the primary way for companies to measure and act on their nature-related dependencies and opportunities.
The risks encompass issues ranging from deforestation and water stress to pollution and species loss. About 85% of the world’s largest companies are directly dependent on nature across their operations, according to data from S&P Global Inc., which has provided input into the TNFD process. TNFD is a voluntary system — building on the older Task Force for Climate-Related Financial Disclosures — and success will depend on how quickly it’s adopted. The process may speed up if countries push to make TNFD disclosures mandatory, just as some have done for TCFD. The plan for TNFD is to start tracking voluntary market adoption beginning next year.
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