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TNFD announces next wave of early adopters and sector-specific guidance

The Taskforce on Nature-related Financial Disclosures (TNFD) announced on 28 June 2024 that there has been a notable 30% increase in TNFD early adopters since the first list was released in January 2024 (i.e. an additional 96 organisations), bringing the total number of adopters so far to 416 organisations (see TNFD press release). This surge in commitments underscores the growing recognition within the business and financial sectors of the pressing need to address nature loss and integrate a consideration of nature and biodiversity into their core operations.

The additional early adopters are publicly listed companies which span across 50 jurisdictions and encompass 62 out of 77 SICS sectors, and which represent over US$6 trillion in market capitalisation, marking a 50% increase since the TNFD’s initial announcement on early adopters in January 2024 (see our previous blog post). The diverse array of companies includes Volvo, Ricoh, China Mengniu Dairy Ltd, Acciona, and financial institutions such as LGIM and MUFG Asset Management (see here for full list of early adopters). This latest swathe of early adopters reportedly intend to align their annual reporting with the TNFD’s framework by FY2024 or FY2025.

This growing uptake is not just about numbers; it demonstrates a growing recognition and appreciation that organisations have on the risks, opportunities and impacts associated with nature and biodiversity and the reliance that businesses have on these. Businesses rely heavily on the intricate web of nature and biodiversity, not only for resources but also for ecosystem services that sustain operational stability; thus, the loss of such biodiversity poses a significant threat to their long-term sustainability, potentially disrupting supply chains, increasing operational costs, and diminishing resilience against environmental changes. 

The TNFD has also published the final versions of its: 

The TNFD also published updated guidance on value chains this month which aims to help organisations identify and assess dependencies, impacts, risks and opportunities in their upstream and downstream value chains with regard to nature and biodiversity. This new guidance will help to ensure that companies across various sectors can adopt more precise and effective reporting on nature and encourage integration of nature-related considerations into business practices.

As we observe the expanding network of TNFD adopters, it becomes increasingly clear that the integration of nature-related financial disclosures is becoming a critical element of sustainable business practices. The TNFD’s sector-specific guidance is a key resource that has the potential to catalyse more informed, effective, and transparent reporting on these topics.

The work of the TNFD, together with the regulatory disclosures relating to nature and biodiversity required under regimes such as the EU Corporate Sustainability Reporting Directive (CSRD), is crystallising corporate responsibility towards nature and biodiversity preservation. In June 2024, the TNFD and the European Financial Reporting Advisory Group (EFRAG) published a correspondence mapping for the European Sustainability Reporting Standards (ESRS) under the CSRD and the TNFD’s recommended disclosures, which highlighted that all 14 TNFD recommended disclosures are reflected in the ESRS (see our previous blog post). 

The message is clear: the tide is turning towards comprehensive nature-related disclosure, and getting to grips with understanding the risks, impacts and opportunities associated with these topics will position companies favourably in a rapidly evolving market landscape.

For more information on nature and biodiversity issues for businesses, see our Biodiversity and Nature webpage


asset managers & funds, banks & insurers, biodiversity & nature, corporates, disclosure & reporting, global, blog posts