The Taskforce on Nature-related Financial Disclosures (TNFD) has hit its latest milestone today, with global banks, investors and corporates joining governments and regulatory bodies to create an Informal Working Group (IWG) for the initiative.
Styled on the Financial Stability Board’s Taskforce on Climate-Related Financial Disclosures (TCFD) and “catalysed” by UNEP FI, UNDP, Global Canopy and WWF, the TNFD will be tasked with developing an international reporting standard for biodiversity and natural capital when it launches in 2021. The initial group – the ‘IWG’ – will decide the scope and workplan for the taskforce.
The working group includes 34 financial institutions from across five continents, including Storebrand, NatWest, Citi, BNP Paribas, AXA, Rabobank, Credit Suisse, Banorte, Manulife Investment Management, Pimco, DBS Bank, Sumitomo Mitsui Trust Asset Management and Yes Bank.
Also sitting on the group are the UK, French, Swiss …