Next steps on ISSB nature standard and other recent developments

ISSB nature disclosure standard 

In November 2025, the International Sustainability Standards Board ("ISSB") announced that it is planning to develop nature-related disclosure requirements, building on its existing IFRS S1 and S2 sustainability disclosure standards (see ISSB press release).

It is aiming to have an Exposure Draft of incremental disclosure requirements ready by the next biodiversity conference, COP17, in October 2026 in Armenia. 

Work on the ISSB’s standard-setting process will be subject to public consultation and will draw on the TNFD’s framework and its recommendations, metrics and guidance, including the Locate, Evaluate, Assess, Prepare ("LEAP") approach. 

Following this decision, the TNFD announced that it will complete technical work in progress by the Q3 2026 and pause any further technical guidance in order to support the ISSB (see TNFD press release).

Nature Action 100 status report

In October 2025, Nature Action 100 ("NA100") published its first status report, where it reported “remarkable progress” among target companies. 

NA100 is a global investor engagement initiative launched in 2022, which aims to mobilise institutional investors to establish a common agenda for engagements and a clear set of expectations to drive greater corporate ambition and action on nature and biodiversity loss. NA100 has grown to over 240 investors managing around $30 trillion in assets, with 49 of the 100 targeted high-impact companies now having nature action plans.

The initiative requires companies to commit to minimising nature loss, assess and disclose nature-related risks, set science-based targets, develop implementation plans, establish board oversight, and engage with their value chain. However, the 2024 benchmark found no companies meeting all expectations, with only one (a mining company) disclosing a comprehensive materiality assessment.

Adoption of the TNFD disclosure recommendations among NA100 target companies has increased from 9 to 20.

ISO biodiversity standard 

In October 2025, the International Organisation for Standardisation ("ISO") released the world’s first international biodiversity standard, ISO 17298, which has been designed to help organisations assess biodiversity impacts and dependencies. 

The ISO standard is intended to provide a practical and scalable framework for organisations to evaluate how their activities affect biodiversity and to identify related risks and opportunities. 

It is designed to align with existing sustainability frameworks and standards, including the TNFD, ISO 14001 (environmental management), ISO 26000 (social responsibility), and the UN Sustainable Development Goals.