TNFD releases proposed disclosure metrics for the forest sector

The Taskforce on Nature-related Financial Disclosures (TNFD) released today its latest recommendations, which include proposed disclosure metrics for the forest sector. Members of WBCSD’s Forest Solutions Group (FSG) led the development of the TNFD forest sector metrics, in collaboration with TNFD Taskforce members, Global Canopy, and with technical support from PwC Canada.

Published: 19 Sep 2023
Type: News

Implementing nature positive in the forest sector

TNFD aims to provide a framework for business action to manage nature-related risks and opportunities and support the shift in global financial flows towards nature positive outcomes. To drive uptake of its recommendations, TNFD is supporting the development of additional guidance for different high priority categories of market participants. The proposed disclosure metrics for the forest sector, released today, form part of broader additional guidance for the forest products value chain to be released by TNFD in the coming months. The overall aim is to support forest companies in the implementation of the TNFD recommendations.

Emily McKenzie, Technical Director of TNFD, highlighted that “The TNFD additional sector guidance and sector-specific metrics will play an important role in driving uptake of the TNFD recommendations in key sectors, by responding to the specificities of each sector and providing relatable examples of implementation.

The TNFD additional guidance and disclosure metrics form part of the implementation phase of WBCSD’s Forest Sector Nature Positive Roadmap with the overall aim to develop tools and guidance to support businesses in the forest sector in scaling up actions to halt and reverse nature loss, setting science-based goals and targets for nature, and disclosing progress using quantifiable metrics.

Collaborative effort among peers and stakeholders in the sector

The proposed sector disclosure metrics are the result of an inclusive process that involved key stakeholders in the forest sector, including representatives from over 25 business, industry standards, certification systems, as well as NGOs. The metrics are now available for consultation by a wider community of stakeholders.

What’s next?

The full TNFD draft additional guidance for the forest sector will be released in the coming months. It will feature detailed sector guidance on implementing the TNFD recommendations for the forest sector, including a narrative guide and examples on how to apply the TNFD LEAP (Scoping, Locate, Evaluate, Assess and Prepare) Approach.

Perspective of involved companies

TNFD provides a robust framework to catalyze actions to enhance biodiversity and water stewardship in situ, and to report on these efforts in a structured manner. Having a number of defined KPIs for all, complemented with sector-specific and context-specific ones, supports tracking progress in complex issues such as nature conservation”, says Denis Popov, Group Natural Resources Manager at Mondi Group

The TNFD is a helpful framework for the forest sector to understand, evaluate and communicate their impacts, dependencies, and risks around nature. This common framework will drive greater alignment throughout the supply chain and across sectors on  managing and disclosing nature-related impacts, risks, and actions”, says Katie Cava​, Sustainability Program Manager​ at Weyerhaeuser​

The TNFD’s risk assessment - LEAP approach - is very helpful because it is intuitive. It looks intimidating, but it really comes down to this: where and how does your company interface with nature today, and how might that evolve over time?”, says Brandon Lewis​, Director, Sustainability​ at Timberland & Agriculture, Manulife Investment Management

​“Companies that deal in forest products further downstream and aren’t directly making forest management decisions, face unique challenges when aiming to quantify their impacts on nature. It is key for companies to understand where their supply chain interfaces with nature and where impacts on nature apply to their business”​, says Emma Johnstone​, Nature Positive Specialist at Drax Group​

A special thank you to the:

FSG-TNFD working group members: BTG Pactual Timberland Investment Group, CMPC, Congolaise Industrielle des Bois (Olam Agri), Drax Group, International Paper Company, Manulife Investment Management Timberland & Agriculture, Mondi Group, Philip Morris International, New Forests, Stora Enso, Sumitomo Forestry, Suzano, Weyerhaeuser.

Other FSG members that participated in the process:  Enviva, Sappi Limited, Smurfit Kappa Group, The Navigator Company, SCG Packaging.

Consult the TNFD proposed disclosure metrics for the forest sector on the TNFD Portal or access the direct link to the pdf version here.

Learn more about FSG’s work on nature positive here. Read more about WBCSD Roadmaps to Nature Positive here.

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