Singapore, 1 February 2023 – The World Business Council for Sustainable Development (WBCSD) has launched a Consultation Group for ASEAN-headquartered businesses to weigh in on the latest beta framework by the Taskforce for Nature-related Financial Disclosures (TNFD).
The TNFD framework guides companies and financial institutions on the assessment and disclosure of nature-related risks and opportunities with the aim of supporting a shift in global financial flows towards nature-positive outcomes. Inputs from ASEAN businesses are crucial in ensuring that the framework accounts for the unique needs, expectations, and experiences of the region.
The first TNFD ‘beta’ framework was released in March 2022 and additional releases rolled out in June 2022 (v0.2) and October 2022 (v0.3). The Consultation Group, led by WBCSD, aims to provide participants with an insight into the latest beta framework (v0.3) and gather feedback that will feed into the next release in February 2023 (v0.4) and the final release in September 2023 (v1.0). Participation in the Consultation Group will also help companies better understand what to expect and how they can enable nature-positive outcomes.
Joe Phelan, Asia Pacific Executive Director, WBCSD said: “Businesses in Southeast Asia are in one of the world’s most biodiverse regions, placing them in a vital position to lead in global corporate commitments aimed at protecting nature. Actively engaging in this process will put businesses ahead in this crucial global effort.”
WBCSD’s Consultation Group will convene for a series of virtual workshops in the coming months. The consultation results will inform the framework's design and development ahead of its final recommendations.
· 28th February: Introduction and consultation process
· 4th April: Review of TNFD’s v0.4 beta framework
· 17th May: Final feedback session and next steps
Taskforce members include Herry Cho, Managing Director, Head of Sustainability and Sustainable Finance at SGX, and Guy Michael Williams, Nature Lead for Global & Asia Pacific at Deloitte. Consultations are supported by regional partners and members including April, Ayala, Petronas, and Siam Cement Group.
Currently, v.03 of the TNFD beta framework is available and feedback can be submitted via this link by 14th February 2023.
For more information and to register for the virtual consultation sessions, please head here.
· Business for Sustainable Development (Philippines)
· Business Council for Sustainable Development Indonesia
· Business Council for Sustainable Development Malaysia
· Carbon Disclosure Project
· Singapore International Chamber of Commerce