GRI and TNFD publish interoperability mapping on nature and biodiversity disclosures

The Global Reporting Initiative (“GRI”) and the Taskforce on Nature-related Financial Disclosures (“TNFD”) have together published an interoperability map and guidance document which show that the TNFD Disclosure Recommendations and the GRI Standards, including the GRI 101: Biodiversity 2024, are highly aligned. 

The publication of this mapping exercise comes after similar mapping exercises were recently published on the TNFD and the EU European Sustainability Reporting Standards (“ESRS”) (see our previous blog post here) and the GRI Standards and the ESRS (see our previous blog post here). These mappings form part of a broader effort to assist companies in navigating multiple reporting frameworks at once and may encourage additional reporting aligned to voluntary frameworks where  there is a high degree of alignment with mandatory regimes.  

The GRI-TNFD mapping was published on 30 July 2024 and aims to enhance understanding of the commonalities between the TNFD Disclosure Recommendations and the GRI Standards, as well as the differences which should be considered by report preparers who wish to disclose under both frameworks. 

The interoperability mapping is divided into four sections: 

1. TNFD Recommendations - GRI Standards: This shows how information reported in line with the GRI Standards can be used to report in line with the TNFD Recommendations;
2. TNFD core global metrics - GRI Standards: This shows how the information reported in line with the GRI Standards can be used to report in line with the TNFD core disclosure indicators and metrics;
3. GRI Standards – TNFD: This shows how the information reported in line with the TNFD Recommendations and core disclosure metrics can be used to report in line with the GRI Standards; and 
4. TNFD Metals & Mining - GRI Standards: This shows how the information reported in line with the TNFD core sector metrics for metals and mining can be used to report in line with the GRI Standards.

The mapping identifies, for each TNFD data point, the corresponding data point in the GRI Standards, and vice versa, for all nature-related GRI data points, and also includes commentary on differences in scope. For example, TNFD includes disclosures in relation to nature transition plans which are not covered by the GRI Standards. The guidance document provides a high-level summary of the mapping findings and instructions on how to read the map. 

The key message is that there is a high level of consistency in the language, approach and definitions in the TNFD Recommendations and the GRI Standards. For example:

• General disclosures: All of the disclosures in GRI 101: Biodiversity 2024 are reflected in the TNFD Recommendations, and all of the TNFD Recommendations are reflected in the GRI Standards, except those exclusively covering nature-related risk and opportunity identification and assessment. 
• Metrics: There is strong consistency between the TNFD core global disclosure metrics and the related metrics in the GRI Standards. In addition, the table of correspondence mapping covers the TNFD sector metrics for metals and mining and the respective disclosures and recommendations in the GRI Sector Standards GRI 14: Mining Sector 2024 and GRI 12: Coal Sector 2022. The metals and mining sector has been selected as GRI 14: Mining Sector 2024 (the most recent Sector Standard) has been developed using the latest GRI Biodiversity Standard (GRI 101). 
• Identifying and assessing nature-related issues: The TNFD LEAP approach for identifying and assessment of nature-related issues can be used to identify where impacts on biodiversity are most likely to be present and significant under the GRI 101: Biodiversity 2024.
• Location of sites: The frameworks are aligned in requiring disclosure of sites with the most significant impact on biodiversity, and both use the same criteria for identifying ecologically sensitive areas. 
• Materiality: The GRI materiality approach can be used consistently with the TNFD Recommendations, given the TNFD Recommendations adopt a flexible approach to materiality, which recommends that report preparers use financial materiality (as defined by the IFRS) as a baseline and impact materiality (following GRI) in addition. 
• Definitions: The use of nature-related concepts and definitions is consistent across the frameworks. For example, GRI 101: Biodiversity 2024 uses TNFD definitions and criteria when considering an organisation’s location in or near ecologically sensitive areas. 

The interoperability mapping also identifies some differences and incrementality in what is recommended under the frameworks. Table 1 of the guidance document provides a high-level overview of the difference in TNFD and GRI reporting approaches, including in relation to: issues covered and scope; application of materiality; value chain; location of nature-related issues; and engagement with local communities and affected stakeholders.  Differences include that the TNFD Recommendations focus on dependencies, risks and opportunities, whereas the GRI Standards are not specific to nature-related impacts, but focus on impacts on the economy, environment and people. The frameworks go into differing levels of detail on stakeholder engagement also. 

It is hoped that the mapping and guidance document will help companies navigate the frameworks and leverage reporting under one framework to meet the requirements of the other more easily. 

The TNFD and GRI intend to continue collaborating to achieve broader consistency between the frameworks and will in due course jointly publish case studies and guidelines on the links between nature-related dependencies, impacts, risks and opportunities. Both organisations are also working to support the ISSB’s ongoing research into biodiversity, ecosystems and ecosystem services (see our previous blog post on the ISSB’s next steps here).

Given the pace of change and increasing collaboration in this space, we are likely to see further efforts to improve alignment between the various reporting frameworks, particularly as the global reporting landscape on nature-related issues advances. 

For more information on Linklaters' nature and biodiversity materials, click here.