Geneva, 10 June 2021: Today marks another milestone in our journey to Nature Positive. The launch of the Taskforce on Nature-related Financial Disclosures (TNFD) and the publication of a seminal report from IPCC-IPBES on biodiversity and climate change. Together, these make a significant contribution to the Nature Positive ‘jigsaw’ that is under development enabling business to contribute to nature recovery by 2050.
The TNFD aims to provide a framework for organizations to report and act on evolving nature-related risks to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes. As highlighted by the recent Dasgupta Review (The Economics of Biodiversity): “An inclusive measure of wealth is needed to rebalance the risks and rewards for business interactions with nature…depleting natural capital as being a major constraint for long term value creation.” The final TNFD recommendations will go some way to driving this needed transformation. WBCSD is proud to be part of the TNFD Stakeholder Group.
WBCSD members understand the urgency to address the nature and climate crises together. Our recently refreshed Vision 2050: Time to Transform provides a framework for business action in line with the urgency of the challenges that we face if 9 billion people are to live well, within planetary boundaries, by 2050.
Rodney Irwin, Chief Operating Officer, WBCSD said: "Nature loss is one of the critical challenges of our time. Despite some progress, nature-related impacts and dependencies and associated risks and opportunities are not as visible as they need to be in the financial system and real economy. Enhanced transparency and disclosure, enabled by a clear TNFD framework and guidance, can support nature action. WBCSD's members have contributed to TNFD preparatory work and we look forward to supporting the TNFD through build, consultation, and pilot phases."
A critical part of the recently released TNFD technical scope, was its intent to align its process and reporting with the TCFD recommendations and process. This is critical. We now have a clearer understanding of the interdependencies between climate and nature. The IPCC-IPBES report highlights the risk of narrowly focussed actions to combat climate change harming nature, and vice versa. At the same time, the synergies between mitigating biodiversity loss and climate change (and taking into consideration social impacts) can maximize benefits. This calls for a Net Zero, Nature Positive approach by business that tackles the climate emergency and nature loss together, whilst also addressing social issues.
The Global Goal for Nature, released in April this year, has established the necessary trajectory towards nature recovery by 2050, and in the interim, nature positive by 2030. We have growing momentum behind Net Zero commitments. We now need to translate this into business action. Through our Nature Action project, we are aiming to put the pieces of the Nature Positive jigsaw for business together. Some of these pieces will be developed by other initiatives, like TNFD and the Science Based Targets Network (developing SBTs for Nature) and WBCSD is actively engaging in these initiatives. And some pieces of the jigsaw we will develop with WBCSD members, like the Nature Positive roadmaps that we are embarking on. Through our Nature Action project, we are helping business navigate through this rapidly evolving space. If you want to find out more about Nature Action, please reach out.