TNFD two years on: progress on nature-related disclosures

To mark the two-year anniversary of the Taskforce on Nature-related Financial Disclosures (“TNFD”) recommendations, the TNFD released its first status report in September 2025, which reveals that there has been positive momentum in nature-related reporting adoption, though “mainstreaming” of  nature remains in an early-stage.

Key findings

• More than 730 organisations have now adopted the TNFD, including 179 financial institutions representing around $22.4 trillion in assets under management, with over 500 having published TNFD-aligned reports since the TNFD recommendations were published.

• 63% of TNFD survey respondents believe their nature-related risks and opportunities are more significant, or are as significant to their future financial prospectus, as their climate-related risks and opportunities.

• Over 50% of investors indicate they are “very concerned” about the impact of nature loss on financial markets.

• 78% of TNFD survey respondents who have published nature-related disclosures integrate them with climate-related reporting.

• The average number of TNFD recommended disclosures reported against by companies is 8.7 (out of 14).

• Nature-related reporting is still largely in G20 economies, although TNFD adopters are from 50+ jurisdictions. 

• 40% of organisations had 1-2 full time equivalent ("FTE") people in their organisation working on nature-related reporting over the last 12 months, with an additional 35% of organisations utilising a team of 3-5 FTEs.

While nature-related issues beyond climate change are new for the majority of market participants, many have been making nature-related disclosures for many years against existing standards, such as GRI, SASB and CDP requirements. 

What’s driving adoption?

A survey of 850 market participants found that adoption of TNFD reporting has been driven by a range of factors, notably increased ESG regulatory requirements covering nature/biodiversity topics or growing expectations that these will be introduced in the next three years, as well as increasing pressure from investors for decision useful nature disclosures. 

Key challenge

The report notes that the central challenge ahead is to encourage market participants across sectors and geographies to recognise nature as a strategic risk and opportunity management issue – driving risk, resilience and value across their business – and to move to an integrated rather than piecemeal approach to identifying, assessing and reporting their material nature-related issues across all realms of nature. 

TNFD guidance on nature in transition plans

In November 2025, the TNFD published guidance on incorporating nature into corporate transition plans, providing a structured framework for managing nature-related risks and opportunities alongside climate objectives. The guidance defines nature transition plans as organisational strategies to halt and reverse biodiversity loss by 2030, aligning with the Global Biodiversity Framework.

Organisations can use transition planning to reduce negative nature impacts, protect and restore ecosystems, and address underlying drivers of nature loss while managing synergies and trade-offs with climate goals.

The framework adapts existing climate transition planning best practices, using five key themes: foundations, implementation strategy, engagement strategy, metrics and targets, and governance. 

For disclosure, the guidance retains 16 of the Transition Plan Taskforce’s 19 disclosures, replacing climate-specific elements with nature-focused metrics and targets. For more information on the TPT’s disclosures, see our previous blog post. 

Companies can either integrate nature into existing climate transition plans or create separate nature-focused plans, though the TNFD recommends an integrated approach where possible.

Other TNFD recommendations

The TNFD has also recently published a number of other recommendations (see TNFD press release) to address data challenges that could hold back market confidence and leave corporates and financial institutions “flying blind”, including recommendations on:

• global nature data principles;

• standardised metadata requirements;

• harmonised data licensing and user agreements;

• a Nature Data Public Facility ("NDPF") to provide open access to core state-of-nature data;

• incentives for corporate data exchange;

• an international Nature Data Trust to generate new financing for state-of-nature data collection and upgrading of the nature data value chain;

• standardised nature data measurement tool; and

• a universal global digital protocol for sharing nature data across supply chains.

These recommendations aim to provide specific, practical solutions ready for implementation, building on the TNFD's 2024 Roadmap. 

Conclusions

The TNFD’s two-year status report shows encouraging momentum, but despite these advances, nature-related reporting is still emerging, with most activity focused in G20 economies and mainstream integration yet to be achieved. 

Adoption is driven by regulatory expectations and investor pressure, and most organisations are now integrating nature considerations alongside climate disclosures. 

Looking ahead, the TNFD will focus on supporting international standard setters and regulators (including the ISSB), and encouraging a unified, strategic approach to nature across markets (see our related blog post). 

For more information on: 

• TNFD recommendations, see our TNFD Quick Guide; 

• biodiversity and nature issues for business, see our collection of materials.