Nature-related disclosures: more work needed to define materiality and financial impacts
Nature and biodiversity impacts are making their way into sustainability reporting frameworks.
Despite mounting guidance, it remains difficult for companies to assess their impact and dependencies on nature and biodiversity. But recent industry initiatives and the looming integration of nature-related disclosures into sustainability reporting frameworks indicate that the pace is accelerating.
The Task Force on Nature-Related Financial Disclosures (TNFD), a market-led initiative to help businesses quantify and manage their impacts on nature, quietly released its final recommendations at the end of September. And yet, 22% of members of the World Business Council on Sustainable Development (WBCSD) already referenced the TNFD in their 2022 sustainability reports.
