Seatrium, Frasers Property among TNFD’s 502 adopters

Jovi Ho10-27

The Mainboard-listed companies join UOB, Olam Agri and CDL in committing to disclose their material nature-related issues when reporting on FY2025 or earlier.Mainboard-listed companies Frasers ...

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alongside professional services firm KPMG, metals and mining company Freeport-McMoRan, airline Qantas, food retailers Morrisons and Sainsbury’s, iron and steel producers Jindal Stainless Limited and JSW Group, solar technology and project developer JA Solar Technology, electronics companies Mitsubishi Electric and Philips, electric utilities EDP, Electrobras and Tokyo Electric Power, and computer hardware company Logitech International.\n\nTNFD and the GBF\nTNFD issued the update on Oct 25, at the start of a four-day programme of events at the UN biodiversity summit COP16 in Cali, Colombia. \nAt the last biodiversity summit in December 2022, countries signed the landmark Global Biodiversity Framework (GBF), which included the headline goal to  protect and conserve 30% of the world’s land and marine environments by 2030, also known as the “30x30” pledge. \nTNFD’s approach to assessment and disclosure is fully aligned to the goals and targets of the GBF, specifically target 15, which calls on governments to encourage and enable businesses to measure and disclose their nature-related risks, dependencies and impacts; while helping promote sustainable consumption patterns among consumers. \nWith the GBF’s 2030 deadline, target 15 also urges governments to mandate these steps for “all large as well as transnational companies and financial institutions” along business’ operations, supply and value chains and portfolios.\nDavid Craig, co-chair of the TNFD, says: “The speed of voluntary market adoption over the past year since the release of the TNFD recommendations highlights the growing appreciation among companies and financial institutions across sectors and geographies that nature is a material risk issue for their business and a new source of opportunity and potential competitive advantage.”\nCraig notes “significant uptake” across sectors, in particular from asset managers, which address climate and nature risk in their portfolios. “Going forward, the growth in these assessments and public disclosures is helping direct financial flows towards more resilient business models and nature-positive outcomes.”\nDraft roadmap\nThe following day, TNFD released at COP16 a discussion paper outlining a roadmap to upgrade market access to “decision-grade” nature-related data. \nAccording to TNFD, demand from business and finance for nature data is set to grow “exponentially” in the coming years in light of new reporting, target-setting, transition-planning and capital allocation activities. \nHence, a “step-change in funding” is required for upstream nature data providers to meet these new coverage and quality requirements, says TNFD. \nThe roadmap released on Oct 26 builds on the TNFD’s prior work, including its 2022 nature data landscape assessment and 2023 scoping study on a potential Nature Data Public Facility (NDPF).\nThe 58-page document outlines three key priorities, which will be the focus of pilot testing in 2025 before a final set of recommendations are put forward in late-2025.\n\nFirstly, TNFD aims to finalise a “composite set of nature data principles”, building on existing scientific, open data and corporate assurance data standards.\nSecondly, TNFD aims to begin pilot testing existing nature data and sources with upstream data providers. The group also aims to identify gaps in geographical data and data quality.\nFinally, TNFD aims to specify the market needs and use cases for high-quality, assurable nature-related data by testing a beta version NDPF in 2025. \nTNFD envisions that the NDPF will provide open access to a baseline amount of nature data relevant to corporates and financial institutions for their corporate reporting, target-setting and transition-planning activities.\nTNFD is also evaluating the potential long-term governance, funding and commercial model for such a facility. TNFD has explored a number of institutional structures, such as a public interest entity, collective and social enterprise; it will make a decision at the end of the pilot testing phase, or 4Q2025, with a target to launch in 1Q2026. \nThe “roadmap for upgrading market access to decision-useful nature-related data” is available online and TNFD welcomes businesses, financial institutions and other stakeholders to provide feedback by Feb 17, 2025. \nTNFD was established in June 2021 with the support of the G20 and G7 governments. The Taskforce published its corporate reporting recommendations on nature-related issues in September 2023 after a two-year process led by its 40 members and supported by 20 knowledge partners.\nCDL replaced the Singapore Exchange S68 (SGX Group) on the Taskforce earlier this year. CDL is represented on the Taskforce by its chief sustainability officer, Esther An. \nThe goal of the Taskforce is to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes, aligned with the GBF. The 14 disclosure recommendations guide organisations in reporting and acting on evolving nature-related dependencies, impacts, risks and opportunities. These “drivers of nature change” include climate change, pollution and use of land, freshwater and ocean, among others.\nPhoto and infographic: TNFD\nRead more about COP16:\n\nGlobal banks want to monetise biodiversity\nBanks keep ploughing billions into clients threatening rainforests\nNature ‘piracy’, funding battles will dominate UN biodiversity summit\n‘Rubber hits the road’ as UN biodiversity summit COP16 kicks off in Colombia\nGlobal carbon credit market could provide US$100 bil per year by 2050 at ‘moderate costs’: MSCI","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478193632"}