Taskforce on Nature-related Financial Disclosures

Environmental

:

Sustainability

June 2, 2023

TNFD is adopting an open innovation approach that encourages market participants to support development of the framework. By taking this approach, TNFD hopes to accelerate the framework’s development, source constructive feedback and steadily improve its relevance, usability and effectiveness.

A market-led approach, combined with input from leading science and data bodies, means the TNFD framework is scientifically rigorous and easy to adopt for both businesses and financial institutions. TNFD is not developing a new standard. We are creating an integrated framework that builds on existing standards, metrics and data.

In March 2023, TNFD released the fourth version of its beta framework for market consultation, building on v0.1 released in March 2022, v0.2 released in June 2022 and v0.3 released in November 2022. The release of version v1.0 of the full framework for market adoption will be in September 2023.

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Biodiversity

Biodiversity, or biological diversity, is the variety of life on Earth. It includes the variety of plants, animals, fungi, bacteria, and other organisms as well as the variety of ecosystems in which they live.

Africa

Population (2022, World Bank) 1.3 billion GDP (2020, World Bank) 2.39 USD trillion CO2 Emission (2020, EDGAR) 1 384,72 Mton Electrification rate (2020, World Bank) 55.94 % Installed Renewable Energy Capacity (2021, IRENA) 55.2 GW

Offshore Oil and Gas Decommissioning

Oil and gas companies with offshore infrastructure must decommission it when it's no longer useful—by plugging wells and removing platforms within set deadlines. As of June 2023, more than 2,700 wells and 500 platforms were overdue for decommissioning in the Gulf of Mexico. Delays can increase environmental, safety, and financial risks. For example, delays could indicate that companies are in financial trouble and may leave the government to pay for decommissioning. The Department of the Interior only holds about $3.5 billion in bonds from companies to cover a potential cost of $40-$70 billion.

Critical Minerals

Critical minerals, also known as strategic minerals or critical raw materials, refer to mineral resources that are of significant importance to a country's economy and national security.

Greenwishing

Well-intended efforts to tackle sustainability challenges may not make enough difference or encourage superficial changes when more structural ones are required.

Greenwashing

Organizations claim to fulfill stakeholders' expectations for action on sustainability without actually making any changes in their practice.